<SEC-DOCUMENT>0000928816-18-001958.txt : 20180927
<SEC-HEADER>0000928816-18-001958.hdr.sgml : 20180927
<ACCEPTANCE-DATETIME>20180927163822
ACCESSION NUMBER:		0000928816-18-001958
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180731
FILED AS OF DATE:		20180927
DATE AS OF CHANGE:		20180927
EFFECTIVENESS DATE:		20180927

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		IRS NUMBER:				046608976
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		181091388

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>a_managedmuni.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME TRUST
<TEXT>
<!DOCTYPE HTML PUBLIC >


<HTML>
<HEAD>
   <TITLE>a_managedmuni.htm</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY bgcolor="#ffffff">
































	<font face=sans-serif size=2>

	<br>
	<br>
	<br>





<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td align=center colspan=2><font size=+2>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</font></td></tr></table>



<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td align=center colspan=2>Washington, D.C. 20549</td></tr></table>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td align=center colspan=2><font size=+3><br><b>FORM N-Q</b><br><br></font></td></tr></table>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td align=center colspan=2><font size=+2><b>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED<br>MANAGEMENT INVESTMENT COMPANY</b><br><br><br><br></font></td></tr></table>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td>Investment Company Act file number:</td>	<td>(811-05740)</td></tr></table>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td>Exact name of registrant as specified in charter:</td>	<td>Putnam Managed Municipal Income Trust</td></tr></table>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td>Address of principal executive offices:</td>	<td>One Post Office Square, Boston, Massachusetts 02109</td></tr></table>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td>Name and address of agent for service:</td>	<td>Robert T. Burns, Vice President<br>One Post Office Square<br>Boston, Massachusetts 02109</td></tr></table>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td align=right>Copy to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>	<td>Bryan Chegwidden, Esq.<br>Ropes & Gray LLP<br>1211 Avenue of the Americas<br>New York, New York 10036</td></tr></table>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td>Registrant's telephone number, including area code:</td>	<td>(617) 292-1000</td></tr></table>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td>Date of fiscal year end:</td>	<td>October 31, 2018</td></tr></table>




<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<tr valign=top><td></td><td>Date of reporting period:</td>	<td>July 31, 2018</td></tr></table>






<table width=95% border=0 cellspacing=0 cellpadding=1><tr valign=top>
<td width=5%></td>
<td width=30%></td>
<td width=65%></td>
</tr>
<br><tr valign=top><td></td><td><br><br><u>Item 1. Schedule of Investments:</td>	<td></u></td></tr></table><br>















































	<FONT size=2 face="sans-serif">


	<BR><BR><BR><BR><BR>
<HR noshade align="center" width="100%" size=2>
<BR><BR><BR><BR><BR><BR><BR>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0  cellPadding=0><TR>
     <TD width="5%"></TD>
     <TD width="38%"></TD>
     <TD width="10%"></TD>
     <TD width="15%"></TD>
     <TD width="9%"></TD>
     <TD width="13%"></TD>
     <TD width="12%"></TD>
</TR>



		<TR><TD></TD><TD colspan=6><FONT size=+3><B>Putnam Managed Municipal Income Trust</B></FONT></TD></TR>
					<TR><TD><BR></TD></TR>

		<TR><TD></TD><TD colspan=6><FONT size=+1><B>The fund's portfolio</B></FONT></TD></TR>
		<TR><TD></TD><TD colspan=6><FONT size=+1><B>7/31/18 (Unaudited)</B></FONT></TD></TR><TR height=24><TD></TD></TR>
	<TR height=8></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Key to holding's abbreviations</B></FONT></TD></TR>

	<TR><TD></TD>	<TD colspan=6>ABAG &mdash; Association Of Bay Area Governments			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>AGM &mdash; Assured Guaranty Municipal Corporation			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>AMBAC &mdash; AMBAC Indemnity Corporation			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>BAM &mdash; Build America Mutual			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>COP &mdash; Certificates of Participation			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>FHLMC Coll. &mdash; Federal Home Loan Mortgage Corporation Collateralized			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>FNMA Coll. &mdash; Federal National Mortgage Association Collateralized			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>FRN &mdash; Floating Rate Notes:</B> the rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. 			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>G.O. Bonds &mdash; General Obligation Bonds			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>GNMA Coll. &mdash; Government National Mortgage Association Collateralized			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>IFB &mdash; Inverse Floating Rate Bonds, which are securities that pay interest rates that vary inversely to changes in the market interest rates. As interest rates rise, inverse floaters produce less current income. The rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor.			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>NATL &mdash; National Public Finance Guarantee Corp.			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>PSFG &mdash; Permanent School Fund Guaranteed			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>U.S. Govt. Coll. &mdash; U.S. Government Collateralized			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD colspan=6>VRDN &mdash; Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index rate, which was 0.94% as of the close of the reporting period.			<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR height=8></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>MUNICIPAL BONDS AND NOTES (131.9%)<sup><B><I>(a)</I></B></sup></B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD vAlign=top align=left><B></B></TD>	<TD vAlign=top align=left><B></B></TD>	<TD vAlign=top align=left><B>Rating<sup><B><I>(RAT)</I></B></sup></B></TD>	<TD vAlign=bottom align=right><B></B></TD>	<TD vAlign=bottom align=right><B>Principal amount</B></TD>	<TD vAlign=bottom align=right><B>Value</B></TD><TR height=2><TD></TD><TD colspan=6><HR SIZE=2 noShade></TD></TR>
	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Alabama (1.9%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cullman Cnty., Hlth. Care Auth. Rev. Bonds, (Cullman Regl. Med. Ctr.), Ser. A, 6.75%, 2/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>$1,100,000</TD>	<TD vAlign=bottom align=right>$1,115,884</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Jefferson Cnty., Swr. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. D, 6.50%, 10/1/53</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>586,180</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">zero %, 10/1/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,950,000</TD>	<TD vAlign=bottom align=right>3,395,815</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Jefferson, Cnty. Rev. Bonds, (Warrants)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 9/15/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,075,000</TD>	<TD vAlign=bottom align=right>2,349,336</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 9/15/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>275,000</TD>	<TD vAlign=bottom align=right>312,243</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>7,759,458</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Alaska (0.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Northern Tobacco Securitization Corp. Rev. Bonds, Ser. A, 5.00%, 6/1/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,508,715</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>1,508,715</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Arizona (4.1%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.), Ser. G, 5.00%, 7/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>518,545</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Casa Grande, Indl. Dev. Auth. Rev. Bonds, (Casa Grande Regl. Med. Ctr.)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A, 7.625%, 12/1/29 (escrow)<sup><B><I>(F)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,800,000</TD>	<TD vAlign=bottom align=right>5,380</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">7.25%, 12/1/19 (escrow)<sup><B><I>(F)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>2,989</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Maricopa Cnty., Indl. Dev. Auth. Rev. Bonds, (Banner Hlth.), Ser. A, 4.00%, 1/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,032,480</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds, (Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>519,510</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Maricopa Cnty., Poll. Control Rev. Bonds, (El Paso Elec. Co.), Ser. A, 7.25%, 2/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,200,000</TD>	<TD vAlign=bottom align=right>2,256,738</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Great Hearts Academies), 6.00%, 7/1/32 (Prerefunded 7/1/21)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>200,000</TD>	<TD vAlign=bottom align=right>223,314</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Choice Academies, Inc.), 5.625%, 9/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>315,000</TD>	<TD vAlign=bottom align=right>327,827</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Great Hearts Academies), 5.00%, 7/1/44</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,700,000</TD>	<TD vAlign=bottom align=right>1,788,689</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Choice Academies, Inc.), 4.875%, 9/1/22</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>555,000</TD>	<TD vAlign=bottom align=right>572,138</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A, 5.00%, 7/1/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>256,005</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 7/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>900,000</TD>	<TD vAlign=bottom align=right>929,691</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A, 5.00%, 7/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>600,000</TD>	<TD vAlign=bottom align=right>619,794</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Salt Verde, Fin. Corp. Gas Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.50%, 12/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,398,360</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 12/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,378,160</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 12/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>570,000</TD>	<TD vAlign=bottom align=right>665,680</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Yavapai Regl. Med.), 5.00%, 8/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>200,000</TD>	<TD vAlign=bottom align=right>216,562</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Yavapai Regl. Med. Ctr.), 5.00%, 8/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>200,000</TD>	<TD vAlign=bottom align=right>217,568</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds, (Agribusiness &amp; Equine Ctr.), 5.00%, 3/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,014,320</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Yavapai Cnty., Indl. Dev. Ed. Auth. 144A Rev. Bonds, Ser. A, 5.00%, 9/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>506,690</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>16,450,440</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>California (11.8%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Episcopal Sr. Cmntys.), 6.00%, 7/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>660,000</TD>	<TD vAlign=bottom align=right>722,759</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(O'Connor Woods), 5.00%, 1/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>600,000</TD>	<TD vAlign=bottom align=right>666,882</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA School Fin. Auth. Rev. Bonds, (2023 Union, LLC), Ser. A, 6.00%, 7/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>465,000</TD>	<TD vAlign=bottom align=right>516,824</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA State Muni. Fin. Auth. Charter School Rev. Bonds, (Partnerships Uplift Cmnty.), Ser. A, 5.00%, 8/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>665,000</TD>	<TD vAlign=bottom align=right>678,500</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA State Poll. Control Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Wtr. Furnishing), 5.00%, 11/21/45</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,060,400</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(San Jose Wtr. Co.), 4.75%, 11/1/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,100,000</TD>	<TD vAlign=bottom align=right>1,183,820</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA State Poll. Control Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (11/1/18), (Republic Svcs., Inc.), Ser. A, 1.85%, 8/1/23</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,250,000</TD>	<TD vAlign=bottom align=right>4,250,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CA Statewide Cmnty. Dev. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Terraces at San Joaquin Gardens), Ser. A, 6.00%, 10/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,345,000</TD>	<TD vAlign=bottom align=right>1,453,044</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(American Baptist Homes West), 5.75%, 10/1/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,134,010</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(U. CA Irvine E. Campus Apts. Phase 1), 5.375%, 5/15/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,062,980</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(899 Charleston, LLC), Ser. A, 5.25%, 11/1/44</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>450,000</TD>	<TD vAlign=bottom align=right>477,473</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(U. CA Irvine E. Campus Apts. Phase 1), 5.125%, 5/15/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,250,000</TD>	<TD vAlign=bottom align=right>2,392,290</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Corona-Norco, School Dist. Pub. Fin. Auth. Special Tax Bonds, (Sr. Lien), Ser. A, 5.00%, 9/1/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>380,000</TD>	<TD vAlign=bottom align=right>421,416</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Golden State Tobacco Securitization Corp. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Tobacco Settlement), Ser. A-1, 5.25%, 6/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,601,725</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A-1, 5.125%, 6/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,235,000</TD>	<TD vAlign=bottom align=right>3,247,164</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>La Verne, COP, (Brethren Hillcrest Homes), 5.00%, 5/15/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>325,000</TD>	<TD vAlign=bottom align=right>341,081</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Los Angeles, Dept. of Arpt. Rev. Bonds, (Los Angeles Intl. Arpt.), 5.00%, 5/15/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,116,860</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Los Angeles, CA Dept. Wtr. &amp; Pwr. Rev. Bonds, Ser. C., 5%, 7/1/42<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>6,650,000</TD>	<TD vAlign=bottom align=right>7,542,976</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds, (Laxfuel Corp.), 4.50%, 1/1/27</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>400,000</TD>	<TD vAlign=bottom align=right>416,548</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>M-S-R Energy Auth. Rev. Bonds, Ser. A, 6.50%, 11/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>1,061,228</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Poway, Unified School Dist. Pub. Fin. Auth. Special Tax Bonds, 5.00%, 9/15/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>485,000</TD>	<TD vAlign=bottom align=right>526,623</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Rancho Cordova, Cmnty. Fac. Dist. Special Tax Bonds, (Sunridge Anatolia), Ser. 03-1, 5.00%, 9/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>350,000</TD>	<TD vAlign=bottom align=right>375,715</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>San Francisco City &amp; Cnty., Redev. Agcy. Cmnty. Successor Special Tax Bonds, (No. 6 Mission Bay Pub. Impts.), Ser. C</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">zero %, 8/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>509,300</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">zero %, 8/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>688,820</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>San Francisco, City &amp; Cnty. Redev. Fin. Auth. Tax Alloc. Bonds, (Mission Bay South Redev.), Ser. D, 6.625%, 8/1/39 (Prerefunded 8/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>263,173</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Santaluz, Cmnty. Fac. Dist. No. 2 Special Tax Bonds, (Impt. Area No. 1), Ser. A, 5.25%, 9/1/26 (Prerefunded 9/1/21)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,615,000</TD>	<TD vAlign=bottom align=right>1,756,377</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sunnyvale, Special Tax Bonds, (Cmnty. Fac. Dist. No. 1), 7.75%, 8/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>835,000</TD>	<TD vAlign=bottom align=right>837,246</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>U. of CA Rev. Bonds, Ser. AF, U.S. Govt. Coll, 5.00% 5/15/36 (Prerefunded 5/15/23)<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,625</TD>	<TD vAlign=bottom align=right>1,684,352</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>U. of CA Rev. Bonds, Ser. AF, 5.00% 5/15/36<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>5,499,375</TD>	<TD vAlign=bottom align=right>6,166,111</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Yucaipa Special Tax Bonds, (Cmnty. Fac. Dist. No. 98-1 Chapman Heights), 5.375%, 9/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>375,000</TD>	<TD vAlign=bottom align=right>400,898</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>47,556,595</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Colorado (3.5%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Central Platte Valley, Metro. Dist. G.O. Bonds, 5.00%, 12/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>400,000</TD>	<TD vAlign=bottom align=right>424,532</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CO Pub. Hwy. Auth. Rev. Bonds, (E-470), Ser. C, 5.375%, 9/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>534,530</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CO State Educ. &amp; Cultural Fac. Auth. Rev. Bonds, (Skyview Academy), 5.125%, 7/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>755,000</TD>	<TD vAlign=bottom align=right>772,931</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CO State Hlth. Fac. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Christian Living Cmnty.), 6.375%, 1/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>810,000</TD>	<TD vAlign=bottom align=right>871,050</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Total Longterm Care National), Ser. A, 6.25%, 11/15/40 (Prerefunded 11/15/20)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>300,000</TD>	<TD vAlign=bottom align=right>329,760</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.625%, 6/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>274,925</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.00%, 12/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,100,000</TD>	<TD vAlign=bottom align=right>1,163,877</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>CO State Hlth. Fac. Auth. Hosp. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Frasier Meadows Retirement Cmnty.), Ser. A, 5.25%, 5/15/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,094,100</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Frasier Meadows Retirement Cmnty.), Ser. B, 5.00%, 5/15/48</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,560,690</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Christian Living Neighborhood), 5.00%, 1/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,311,475</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Christian Living Neighborhood), 5.00%, 1/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>529,815</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>E-470 CO Pub. Hwy. Auth. FRN Mandatory Put Bonds (9/1/19), (Sr. Libor Index), Ser. A, 2.287%, 9/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,900,000</TD>	<TD vAlign=bottom align=right>1,905,928</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Eaton, Area Park &amp; Recreation Dist. G.O. Bonds, 5.25%, 12/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>220,000</TD>	<TD vAlign=bottom align=right>231,807</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Park Creek, Metro. Dist. Tax Allocation Bonds, (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>225,000</TD>	<TD vAlign=bottom align=right>250,646</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Plaza, Tax Alloc. Bonds, (Metro. Dist. No. 1), 5.00%, 12/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,650,000</TD>	<TD vAlign=bottom align=right>1,703,658</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Regl. Trans. Dist. Rev. Bonds, (Denver Trans. Partners), 6.00%, 1/15/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>785,220</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Southlands, Metro. Dist. No. 1 G.O. Bonds, Ser. A-1, 5.00%, 12/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Ba1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>537,785</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>14,282,729</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Connecticut (0.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Harbor Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,600,875</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>1,600,875</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Delaware (1.6%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>DE State Econ. Dev. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Delmarva Pwr.), 5.40%, 2/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>530,320</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Indian River Pwr.), 5.375%, 10/1/45</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,600,000</TD>	<TD vAlign=bottom align=right>2,711,670</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(ASPIRA Charter School), Ser. A, 5.00%, 6/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>705,000</TD>	<TD vAlign=bottom align=right>714,525</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>DE State Hlth. Fac. Auth. VRDN, (Christiana Care), Ser. A, 1.54%, 10/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>VMIG1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,500,000</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>6,456,515</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>District of Columbia (1.6%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>DC Rev. Bonds, (Howard U.), Ser. A</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">6.50%, 10/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>395,000</TD>	<TD vAlign=bottom align=right>421,339</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">6.25%, 10/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>525,000</TD>	<TD vAlign=bottom align=right>558,632</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">U.S. Govt. Coll., 6.25%, 10/1/32 (Prerefunded 4/1/21)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>475,000</TD>	<TD vAlign=bottom align=right>529,986</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>CCC/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>7,500,000</TD>	<TD vAlign=bottom align=right>1,326,225</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>DC, Rev. Bonds, (Methodist Home of The DC (The)), Ser. A, 5.25%, 1/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>244,175</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>DC, Wtr. &amp; Swr. Auth. Pub. Util. Rev. Bonds, Ser. C, 5.00%, 10/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,382,020</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>6,462,377</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Florida (7.1%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cap. Trust Agcy. Senior Living Rev. Bonds, (H-Bay Ministries, Inc.-Superior Residencies)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. B, 5.25%, 7/1/48</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>522,010</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A-1, 4.00%, 7/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>992,170</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cap. Trust Agcy. Senior Living 144A Rev. Bonds, (H-Bay Ministries, Inc.-Superior Residencies), Ser. C, 7.50%, 7/1/53</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>239,300</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Celebration Pointe Cmnty. Dev. Dist. No. 1 144A Special Assessment Bonds, (Alachua Cnty.), 5.00%, 5/1/48</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>260,593</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds, (Sr. Lien), Ser. A-1, 4.125%, 5/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>513,315</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Fishhawk, CCD IV Special Assmt. Bonds, 7.25%, 5/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>380,000</TD>	<TD vAlign=bottom align=right>400,482</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Florida State Higher Edl. Fac. Rev. Bonds, (U. of Tampa), Ser. A, 5.00%, 4/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>600,000</TD>	<TD vAlign=bottom align=right>649,992</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Greater Orlando Aviation Auth. Rev. Bonds, (JetBlue Airways Corp.), 5.00%, 11/15/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,053,350</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,300,000</TD>	<TD vAlign=bottom align=right>1,437,176</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev. Bonds, (Gerdau Ameristeel US, Inc.), 5.30%, 5/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,350,000</TD>	<TD vAlign=bottom align=right>1,350,527</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lakeland, Retirement Cmnty. 144A Rev. Bonds, (1st Mtge. - Carpenters), 6.375%, 1/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>840,000</TD>	<TD vAlign=bottom align=right>848,879</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lakewood Ranch, Stewardship Dist. Special Assessment Bonds, (Village of Lakewood Ranch South), 5.125%, 5/1/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>945,000</TD>	<TD vAlign=bottom align=right>980,702</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lakewood Ranch, Stewardship Dist. Special Assmt. Bonds, 4.875%, 5/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>490,000</TD>	<TD vAlign=bottom align=right>498,845</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Martin Cnty., Rev. Bonds, (Indiantown Cogeneration), 4.20%, 12/15/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,525,320</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds, (Mount Sinai Med. Ctr.), 5.00%, 11/15/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,067,380</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Miami-Dade Cnty., Rev. Bonds, (Tran. Syst. Sales Surtax), 5.00%, 7/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,169,720</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Miami-Dade Cnty., Indl. Dev. Auth. Rev. Bonds, (Pinecrest Academy, Inc.), 5.00%, 9/15/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,240,000</TD>	<TD vAlign=bottom align=right>1,292,985</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Miami-Dade Cnty., Transit Syst. Rev. Bonds, 4.00%, 7/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,117,570</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Midtown Miami Cmnty. Dev. Dist. Special Assmt. Bonds, (Garage), Ser. A, 5.00%, 5/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>570,000</TD>	<TD vAlign=bottom align=right>602,467</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds, (Acts Retirement-Life Cmnty.), 5.50%, 11/15/33 (Prerefunded 11/15/20)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,167,300</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sarasota Cnty., Hlth. Fac. Auth. Rev. Bonds, (Village on the Isle), Ser. A, 5.00%, 1/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,077,010</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>South Lake Hosp. Dist. Rev. Bonds, (South Lake Hosp.), Ser. A, 6.00%, 4/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,023,330</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>480,000</TD>	<TD vAlign=bottom align=right>525,365</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tallahassee, Hlth. Fac. Rev. Bonds, (Tallahassee Memorial HealthCare, Inc.), Ser. A, 5.00%, 12/1/55</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,065,560</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.40%, 5/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>645,000</TD>	<TD vAlign=bottom align=right>645,697</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds, (Cap. Impt.), 5.00%, 5/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>470,000</TD>	<TD vAlign=bottom align=right>476,101</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Village Cmnty. Dev. Dist. No. 10 Special Assmt. Bonds, 5.75%, 5/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>745,000</TD>	<TD vAlign=bottom align=right>845,061</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Village Cmnty. Dev. Dist. No. 12 144A Special Assessment Bonds, 4.00%, 5/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>761,475</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Village Cmnty. Dev. Dist. No. 8 Special Assmt. Bonds, (Phase II), 6.125%, 5/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>380,000</TD>	<TD vAlign=bottom align=right>404,738</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Village Cmnty. Dev. Dist. No. 9 Special Assmt. Bonds, 5.00%, 5/1/22</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>265,000</TD>	<TD vAlign=bottom align=right>276,276</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>28,790,696</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Georgia (3.5%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Clayton Cnty., Dev. Auth. Special Fac. Rev. Bonds, (Delta Airlines), Ser. A, 8.75%, 6/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,325,290</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cobb Cnty., Dev. Auth. Student Hsg. Rev. Bonds, (Kennesaw State U. Real Estate Oblig. Group), Ser. C, 5.00%, 7/15/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>793,718</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Forsyth Cnty., Hosp. Auth. Rev. Bonds, (Baptist Hlth. Care Syst.), U.S. Govt. Coll., 6.25%, 10/1/18 (Escrowed to maturity)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>260,000</TD>	<TD vAlign=bottom align=right>262,101</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>GA State Private College &amp; U. Auth. Rev. Bonds, (Mercer U.)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. C, 5.25%, 10/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>804,615</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A, 5.25%, 10/1/27</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,071,770</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A, 5.00%, 10/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,044,510</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Gainesville &amp; Hall Cnty., Dev. Auth. Edl. Fac. Rev. Bonds, (Riverside Military Academy)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 3/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,047,560</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 3/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,450,000</TD>	<TD vAlign=bottom align=right>1,533,868</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Gainesville &amp; Hall Cnty., Devauth Retirement Cmnty. Rev. Bonds, (Acts Retirement-Life Cmnty.), Ser. A-2, 6.375%, 11/15/29 (Prerefunded 11/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>700,000</TD>	<TD vAlign=bottom align=right>742,266</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Marietta, Dev. Auth. 144A Rev. Bonds, (Life U. Fac. ), Ser. A, 5.00%, 11/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Ba3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,067,830</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Muni. Election Auth. of GA Rev. Bonds, (Plant Voltage Units 3 &amp; 4), Ser. A, 5.50%, 7/1/60</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,213,920</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>13,907,448</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Guam (0.1%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5.00%, 10/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>200,000</TD>	<TD vAlign=bottom align=right>210,886</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>210,886</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Hawaii (1.0%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>HI State Dept. Budget &amp; Fin. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Craigside), Ser. A, 9.00%, 11/15/44 (Prerefunded 11/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>400,000</TD>	<TD vAlign=bottom align=right>437,460</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Hawaiian Elec. Co. - Subsidiary), 6.50%, 7/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,118,800</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Kahala Nui), 5.125%, 11/15/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>400,000</TD>	<TD vAlign=bottom align=right>441,212</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>3,997,472</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Idaho (0.5%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>ID State Hlth. Fac. Auth. Rev. Bonds, (St. Luke's Hlth. Sys. Oblig. Group), Ser. A, 4.00%, 3/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,004,900</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>2,004,900</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Illinois (10.6%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, G.O. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A, 6.00%, 1/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,560,000</TD>	<TD vAlign=bottom align=right>2,889,472</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. B-2, 5.50%, 1/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,136,680</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. C, 5.00%, 1/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,050,480</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, Special Assmt. Bonds, (Lake Shore East), 6.75%, 12/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,581,000</TD>	<TD vAlign=bottom align=right>1,589,759</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, Board of Ed. G.O. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. C, 5.25%, 12/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,554,585</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. H, 5.00%, 12/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,100,000</TD>	<TD vAlign=bottom align=right>3,207,291</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, Motor Fuel Tax Rev. Bonds, 5.00%, 1/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Ba1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>524,850</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. C, 5.00%, 1/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,595,000</TD>	<TD vAlign=bottom align=right>2,829,303</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, Waste Wtr. Transmission Rev. Bonds, (2nd Lien), 5.00%, 1/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,360,000</TD>	<TD vAlign=bottom align=right>1,455,622</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chicago, Wtr. Wks Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 11/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>875,000</TD>	<TD vAlign=bottom align=right>939,391</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 11/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,117,990</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cicero, G.O. Bonds, Ser. A, AGM, 5.00%, 1/1/20</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,297,375</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cook Cnty., G.O. Bonds, 5.00%, 11/15/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>555,035</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds, (Monarch Landing), 5.625%, 3/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>319,000</TD>	<TD vAlign=bottom align=right>319,108</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IL Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Silver Cross Hosp. &amp; Med. Ctr.), 7.00%, 8/15/44 (Prerefunded 8/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,110,940</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Navistar Intl. Recvy. Zone), 6.75%, 10/15/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>529,100</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Rush U. Med. Ctr.), Ser. C, U.S. Govt. Coll., 6.625%, 11/1/39 (Prerefunded 5/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Aaa</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,075,000</TD>	<TD vAlign=bottom align=right>1,115,667</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(American Wtr. Cap. Corp.), 5.25%, 10/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,575,000</TD>	<TD vAlign=bottom align=right>1,613,714</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IL State G.O. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 11/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,306,600</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 1/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>700,000</TD>	<TD vAlign=bottom align=right>728,994</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 2/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>200,000</TD>	<TD vAlign=bottom align=right>206,790</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 11/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>527,250</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. C, 5.00%, 11/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,200,000</TD>	<TD vAlign=bottom align=right>1,285,212</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A, 5.00%, 12/1/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,760,000</TD>	<TD vAlign=bottom align=right>1,894,411</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. D, 5.00%, 11/1/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,075,800</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IL State Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Provena Hlth.), Ser. A, 7.75%, 8/15/34 (Prerefunded 8/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>15,000</TD>	<TD vAlign=bottom align=right>15,947</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Provena Hlth.), Ser. A, U.S. Govt. Coll., 7.75%, 8/15/34 (Prerefunded 8/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,485,000</TD>	<TD vAlign=bottom align=right>1,578,778</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Three Crowns Park), 5.25%, 2/15/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>540,000</TD>	<TD vAlign=bottom align=right>565,704</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Plymouth Place), 5.25%, 5/15/45</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,049,930</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Three Crowns Park), 5.25%, 2/15/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>305,000</TD>	<TD vAlign=bottom align=right>322,833</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Southern IL Healthcare Enterprises, Inc.), 5.00%, 3/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>700,000</TD>	<TD vAlign=bottom align=right>781,074</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Windy City Portfolio), Ser. A-1, 4.375%, 12/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>977,230</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Riverside Hlth. Syst.), 4.00%, 11/15/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>499,355</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IL State Fin. Auth. Student Hsg. &amp; Academic Fac. Rev. Bonds, (U. of IL-CHF-Chicago, LLC), Ser. A</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 2/15/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>541,145</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 2/15/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>546,320</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Metro. Pier &amp; Exposition Auth. Rev. Bonds, (McCormick Place Expansion), Ser. B, stepped-coupon zero % (4.950%, 6/15/31), 12/15/47<sup><B><I>(STP)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>838,710</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds, Ser. A, 5.00%, 12/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,134,580</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>42,713,025</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Indiana (1.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IN State Fin. Auth. Econ. Dev. Mandatory Put Bonds (12/3/18), (Republic Svcs., Inc.), Ser. A, 1.75%, 5/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,800,000</TD>	<TD vAlign=bottom align=right>2,799,944</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IN State Fin. Auth. Edl. Fac. Rev. Bonds, (Butler U.), Ser. B</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 2/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,079,740</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 2/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>541,085</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Valparaiso, Exempt Facs. Rev. Bonds, (Pratt Paper, LLC), 6.75%, 1/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,125,000</TD>	<TD vAlign=bottom align=right>1,312,909</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>5,733,678</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Iowa (0.8%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>IA State Fin. Auth. Midwestern Disaster Rev. Bonds, (IA Fertilizer Co., LLC)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.50%, 12/1/22</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,008,290</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.25%, 12/1/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>801,990</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tobacco Settlement Auth. of IA Rev. Bonds, Ser. C, 5.375%, 6/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,263,525</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>3,073,805</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Kansas (0.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lenexa, Hlth. Care Fac. Rev. Bonds, (LakeView Village), 7.125%, 5/15/29 (Prerefunded 5/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>522,045</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Wichita, Hlth. Care Fac. Rev. Bonds, (Presbyterian Manors), Ser. I, 5.00%, 5/15/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>532,625</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Wyandotte, Cnty./Kanasas City, Unified Govt. 144A Rev. Bonds, (Legends Apt. Garage &amp; West Lawn), 4.50%, 6/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>506,915</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>1,561,585</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Kentucky (2.1%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>KY Econ. Dev. Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Masonic Home Indpt. Living II), 7.25%, 5/15/41 (Prerefunded 5/15/21)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>572,380</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Masonic Home Indpt. Living II), 7.00%, 5/15/30 (Prerefunded 5/15/21)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>569,005</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Masonic Home Indpt. Living), 5.00%, 5/15/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,045,160</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>KY Pub. Trans. Infrastructure Auth. Rev. Bonds, (1st Tier Downtown Crossing), Ser. A, 6.00%, 7/1/53</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,100,000</TD>	<TD vAlign=bottom align=right>1,215,544</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>KY State Econ. Dev. Fin. Auth. Rev. Bonds, (Owensboro Hlth.), Ser. A, 5.25%, 6/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>125,000</TD>	<TD vAlign=bottom align=right>136,424</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>KY State Econ. Dev. Fin. Auth. Hlth. Care Rev. Bonds, (Masonic Homes of KY), 5.375%, 11/15/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>900,000</TD>	<TD vAlign=bottom align=right>940,311</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Louisville &amp; Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds, (Norton Healthcare Oblig. Group), 5.50%, 10/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,360,750</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Owen Cnty., Wtr. Wks. Syst. Rev. Bonds, (American Wtr. Co.), Ser. A, 6.25%, 6/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>700,000</TD>	<TD vAlign=bottom align=right>725,837</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>8,565,411</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Louisiana (0.6%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>LA State Pub. Fac. Auth. Rev. Bonds, (Ochsner Clinic Foundation), 5.00%, 5/15/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>272,150</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>LA State Pub. Fac. Solid Waste Disp. Auth. Rev. Bonds, (LA Pellets, Inc.), Ser. A, 8.375%, 7/1/39 (In default)<sup><B><I>(NON)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>5</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pub. Fac. Auth. Rev. Bonds, (Tulane U.), Ser. A, 4.00%, 12/15/50</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>755,228</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pub. Fac. Auth. Dock &amp; Wharf 144A Rev. Bonds, (Impala Warehousing, LLC), 6.50%, 7/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,107,200</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>St. Tammany, Public Trust Fin. Auth. Rev. Bonds, (Christwood), 5.25%, 11/15/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>385,000</TD>	<TD vAlign=bottom align=right>410,830</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>2,545,413</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Maine (0.7%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>ME Hlth. &amp; Higher Edl. Fac. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(ME Gen. Med. Ctr.), 7.50%, 7/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Ba3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,109,560</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(MaineGeneral Health Oblig. Group), 6.95%, 7/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Ba3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,088,090</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>ME State Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (8/1/25), (Casella Waste Syst.), 5.125%, 8/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>517,975</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>2,715,625</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Maryland (1.1%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Frederick Cnty., Edl. Fac. 144A Rev. Bonds, (Mount St. Mary's U.), Ser. A, 5.00%, 9/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>536,165</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MD Econ. Dev. Corp. Poll. Control Rev. Bonds, (Potomac Electric Power Co.), 6.20%, 9/1/22</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>550,000</TD>	<TD vAlign=bottom align=right>564,421</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Prince Georges Cnty., Rev. Bonds, (Collington Episcopal Life Care Cmnty., Inc.), 5.25%, 4/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,200,000</TD>	<TD vAlign=bottom align=right>1,287,948</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Westminster, Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Lutheran Village at Miller's Grant, Inc. (The)), Ser. A, 6.00%, 7/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>268,198</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Carroll Lutheran Village, Inc.), 5.125%, 7/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,605,150</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>4,261,882</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Massachusetts (2.6%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Dev. Fin. Agcy. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Sabis Intl.), Ser. A, 8.00%, 4/15/39 (Prerefunded 10/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>690,000</TD>	<TD vAlign=bottom align=right>742,806</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Linden Ponds, Inc. Fac.), Ser. A-1, 6.25%, 11/15/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>450,850</TD>	<TD vAlign=bottom align=right>466,364</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Suffolk U.), Ser. A, 6.25%, 7/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>360,000</TD>	<TD vAlign=bottom align=right>371,714</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Suffolk U.), Ser. A, U.S. Govt. Coll., 6.25%, 7/1/30 (Prerefunded 7/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>640,000</TD>	<TD vAlign=bottom align=right>667,661</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Linden Ponds, Inc. Fac.), Ser. A-1, 6.25%, 11/15/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>275,400</TD>	<TD vAlign=bottom align=right>284,915</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Loomis Cmntys.), Ser. A, 6.00%, 1/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>200,000</TD>	<TD vAlign=bottom align=right>225,242</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Suffolk U.), Ser. A, 5.75%, 7/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>320,000</TD>	<TD vAlign=bottom align=right>327,952</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Suffolk U.), Ser. A, U.S. Govt. Coll., 5.75%, 7/1/39 (Prerefunded 7/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>630,000</TD>	<TD vAlign=bottom align=right>654,381</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Linden Ponds, Inc.), Ser. A-2 , 5.50%, 11/15/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>88,265</TD>	<TD vAlign=bottom align=right>88,286</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(First Mtge. - Orchard Cove), 5.00%, 10/1/19</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>550,000</TD>	<TD vAlign=bottom align=right>551,199</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Linden Ponds, Inc.), Ser. B, zero %, 11/15/56</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>439,022</TD>	<TD vAlign=bottom align=right>90,417</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds, (Adventcare), Ser. A, 6.65%, 10/15/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,050,000</TD>	<TD vAlign=bottom align=right>1,051,964</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Springfield College), 5.625%, 10/15/40 (Prerefunded 10/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>450,000</TD>	<TD vAlign=bottom align=right>471,537</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Springfield College), 5.50%, 10/15/31 (Prerefunded 10/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,100,000</TD>	<TD vAlign=bottom align=right>1,151,007</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Springfield College), 5.50%, 10/15/26 (Prerefunded 10/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,569,555</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Milford Regl. Med.), Ser. E, 5.00%, 7/15/22</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>820,000</TD>	<TD vAlign=bottom align=right>827,544</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MA State Port Auth. Special Fac. Rev. Bonds, (Conrac), Ser. A, 5.125%, 7/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>802,575</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>10,345,119</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Michigan (6.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6.25%, 7/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>5,000</TD>	<TD vAlign=bottom align=right>5,197</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Flint, Hosp. Bldg. Auth. Rev. Bonds, Ser. A, 5.25%, 7/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Ba1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>771,195</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Genesee Cnty., Wtr. Supply Syst. G.O. Bonds, (Wtr. Supply Syst.), Ser. B, BAM, 5.00%, 2/1/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,652,445</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Great Lakes, Wtr. Auth. Swr. Rev. Bonds, (Brazos Presbyterian Homes, Inc.), Ser. C, 5.00%, 7/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,210,120</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Kentwood, Economic Dev. Rev. Bonds, (Holland Home), 5.625%, 11/15/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,195,000</TD>	<TD vAlign=bottom align=right>2,372,685</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MI State Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Local Govt. Loan Program - Detroit Wtr. &amp; Swr. Dept. (DWSD)), Ser. D-2, 5.00%, 7/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>400,000</TD>	<TD vAlign=bottom align=right>437,064</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Detroit Wtr. &amp; Swr.), Ser. C-6, 5.00%, 7/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>600,000</TD>	<TD vAlign=bottom align=right>658,092</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MI State Fin. Auth. Ltd. Oblig. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Lawrence Technological U.), 5.00%, 2/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,150,000</TD>	<TD vAlign=bottom align=right>2,294,007</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Kalamazoo College), 4.00%, 12/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,004,160</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MI State Hosp. Fin. Auth. Rev. Bonds (Trinity Hlth. Credit Group), Ser. A, 5%, 12/1/47<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>8,500,000</TD>	<TD vAlign=bottom align=right>9,206,794</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MI State Strategic Fund Ltd. Rev. Bonds, (Worthington Armstrong Venture), 5.75%, 10/1/22 (Escrowed to maturity)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,350,000</TD>	<TD vAlign=bottom align=right>1,531,008</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>MI State Strategic Fund Ltd. Oblig. Rev. Bonds, (Cadillac Place Office Bldg.), 5.25%, 10/15/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Aa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,377,838</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 12/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,187,600</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>25,708,205</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Minnesota (1.2%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Baytown Twp., Lease Rev. Bonds, Ser. A, 4.00%, 8/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>380,000</TD>	<TD vAlign=bottom align=right>357,101</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Ham Lake, Charter School Lease Rev. Bonds, (DaVinci Academy of Arts &amp; Science), Ser. A, 5.00%, 7/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>504,205</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Rochester, Hlth. Care Fac. Rev. Bonds, (Olmsted Med. Ctr.), 5.875%, 7/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,070,240</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Sartell, Hlth. Care &amp; Hsg. Facs. Rev. Bonds, (Country Manor Campus, LLC)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.25%, 9/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>542,895</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.25%, 9/1/27</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>821,588</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>St. Paul, Hsg. &amp; Redev. Auth. Charter School Lease Rev. Bonds, (Nova Classical Academy), Ser. A</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">6.625%, 9/1/42 (Prerefunded 9/1/21)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>285,338</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">6.375%, 9/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>274,335</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>St. Paul, Port Auth. Lease Rev. Bonds, (Regions Hosp. Pkg. Ramp), Ser. 1, 5.00%, 8/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,125,000</TD>	<TD vAlign=bottom align=right>1,126,913</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>4,982,615</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Mississippi (0.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Warren Cnty., Gulf Opportunity Zone Rev. Bonds, (Intl. Paper Co.), Ser. A, 6.50%, 9/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,600,000</TD>	<TD vAlign=bottom align=right>1,606,192</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>1,606,192</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Missouri (0.8%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cape Girardeau Cnty., Indl. Dev. Auth. Rev. Bonds, (SoutheastHEALTH Oblig. Group), Ser. A, 5.00%, 3/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,215,000</TD>	<TD vAlign=bottom align=right>1,305,214</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Saint Louis, Indl. Dev. Auth. Fin. Rev. Bonds, (Ballpark Village Dev.), Ser. A, 4.75%, 11/15/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>875,000</TD>	<TD vAlign=bottom align=right>900,918</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>St. Louis Arpt. Rev. Bonds, (Lambert-St. Louis Intl.), Ser. A-1, 6.625%, 7/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,043,240</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>3,249,372</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Nebraska (0.3%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lancaster Cnty., Hosp. Auth. Rev. Bonds, (Immanuel Oblig. Group), 5.50%, 1/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,051,120</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>1,051,120</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Nevada (0.8%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5.00%, 7/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,050,000</TD>	<TD vAlign=bottom align=right>1,178,111</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Clark Cnty., Impt. Dist. Special Assmt. Bonds, (Mountains Edge Local No. 142), 5.00%, 8/1/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>480,000</TD>	<TD vAlign=bottom align=right>512,438</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Clark Cnty., Impt. Dist. No. 159 Special Assessment Bonds, (Summerlin Village 16A), 5.00%, 8/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>485,000</TD>	<TD vAlign=bottom align=right>505,326</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Las Vegas, Special Assmt. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 6/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>415,000</TD>	<TD vAlign=bottom align=right>426,798</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Dist. No. 607 Local Impt.), 5.00%, 6/1/23</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>350,000</TD>	<TD vAlign=bottom align=right>376,030</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Las Vegas, Impt. Dist. No. 812 Special Assessment Bonds, (Summerlin Village 24), 5.00%, 12/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>255,523</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>3,254,226</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>New Hampshire (3.5%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NH State Bus. Fin. Auth. Rev. Bonds, (Elliot Hosp. Oblig. Group), Ser. A, 6.00%, 10/1/27 (Prerefunded 10/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,700,000</TD>	<TD vAlign=bottom align=right>1,788,094</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NH State Bus. Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (10/1/19), (Casella Waste Syst., Inc.), 4.00%, 4/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>350,000</TD>	<TD vAlign=bottom align=right>352,044</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NH State Hlth. &amp; Ed. Fac. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Rivermead), Ser. A, 6.875%, 7/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,160,580</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Rivermead), Ser. A, 6.625%, 7/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,320,000</TD>	<TD vAlign=bottom align=right>1,430,233</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Catholic Med. Ctr.), 5.00%, 7/1/44</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,093,940</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Concord Hosp. Trust), 5.00%, 10/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,250,000</TD>	<TD vAlign=bottom align=right>3,599,668</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Kendel at Hanover), 5.00%, 10/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>585,000</TD>	<TD vAlign=bottom align=right>627,477</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Elliot Hosp.), 5.00%, 10/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>270,693</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Southern NH Med. Ctr.), 5.00%, 10/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,091,570</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NH State Hlth. &amp; Ed. Fac. Auth. VRDN, (U. Syst. of NH), Ser. B, 1.53%, 7/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>VMIG1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>875,000</TD>	<TD vAlign=bottom align=right>875,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NH State Hlth. &amp; Ed. Fac. Auth. 144A Rev. Bonds, (Hillside Village), Ser. A, 6.25%, 7/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>805,568</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>14,094,867</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>New Jersey (7.9%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Atlantic City, G.O. Bonds, (Tax Appeal), Ser. B, AGM, 4.00%, 3/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,273,638</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Burlington Cnty., Bridge Comm. Econ. Dev. Rev. Bonds, (The Evergreens), 5.625%, 1/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,469,565</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State Econ. Dev. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Ashland School, Inc.), 6.00%, 10/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,106,160</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(NYNJ Link Borrower, LLC), 5.375%, 1/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,094,810</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(MSU Student Hsg. - Provident Group - Montclair LLC), 5.375%, 6/1/25 (Prerefunded 6/1/20)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Aaa</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,135,620</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(North Star Academy Charter School of Newark, Inc.), 5.00%, 7/15/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,073,820</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. AAA, 5.00%, 6/15/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>350,000</TD>	<TD vAlign=bottom align=right>379,593</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(United Methodist Homes), Ser. A, 5.00%, 7/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>536,150</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. B, 5.00%, 11/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,376,980</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 6/15/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>533,620</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State Econ. Dev. Auth. Fac. Rev. Bonds, (Continental Airlines, Inc.), 5.625%, 11/15/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,699,050</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State Econ. Dev. Auth. Special Fac. Rev. Bonds, (Port Newark Container Term., LLC), 5.00%, 10/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Ba1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,621,230</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds, (NJ American Wtr. Co.)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A, 5.70%, 10/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,600,000</TD>	<TD vAlign=bottom align=right>2,699,632</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. D, 4.875%, 11/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>700,000</TD>	<TD vAlign=bottom align=right>732,018</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(St. Peter's U. Hosp.), 6.25%, 7/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Ba1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,137,300</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(St. Joseph's Healthcare Syst. Oblig. Group), 5.00%, 7/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>835,000</TD>	<TD vAlign=bottom align=right>888,223</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NJ State Trans. Trust Fund Auth. Rev. Bonds, (Federal Hwy. Reimbursement Notes)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 6/15/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,050,000</TD>	<TD vAlign=bottom align=right>1,172,010</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 6/15/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>600,000</TD>	<TD vAlign=bottom align=right>672,372</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>North Hudson, Swr. Auth. Rev. Bonds, Ser. A, 5.00%, 6/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,076,710</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>South Jersey, Port Corp. Rev. Bonds, (Marine Term.), Ser. B, 5.00%, 1/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,087,590</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,300,000</TD>	<TD vAlign=bottom align=right>3,543,672</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds, (Covanta Union), Ser. A, 5.25%, 12/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,450,000</TD>	<TD vAlign=bottom align=right>1,589,273</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>31,899,036</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>New Mexico (0.7%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Farmington, Poll. Control Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Public Service Co. of San Juan, NM), Ser. D, 5.90%, 6/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>531,230</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(AZ Pub. Svc. Co.), Ser. B, 4.70%, 9/1/24</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,115,140</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>2,646,370</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>New York (10.7%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Glen Cove, Local Econ. Assistance Corp. Rev. Bonds, (Garvies Point Pub. Impt.), Ser. C, stepped-coupon zero% (5.625%, 1/1/24), 1/1/55<sup><B><I>(STP)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>300,000</TD>	<TD vAlign=bottom align=right>252,636</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Metro. Trans. Auth. Rev. Bonds, (Green Bonds), Ser. C-1, 4.00%, 11/15/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,500,000</TD>	<TD vAlign=bottom align=right>3,718,400</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Metro. Trans. Auth. Dedicated Tax FRN Mandatory Put Bonds (6/1/22), Ser. A-2A, 1.39%, 11/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,955,000</TD>	<TD vAlign=bottom align=right>2,976,099</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY City, Transitional Fin. Auth. Rev. Bonds, Ser. A-1, 4.00%, 8/1/41<sup><B><I>(FWC)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>6,000,000</TD>	<TD vAlign=bottom align=right>6,235,290</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY Counties, Tobacco Trust VI Rev. Bonds, (Tobacco Settlement Pass Through), Ser. A-2B, 5.00%, 6/1/51</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,700,000</TD>	<TD vAlign=bottom align=right>1,776,007</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Convention Ctr. Dev. Corp. Rev. Bonds, (Hotel Unit Fee), zero %, 11/15/50</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>659,550</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds, (NYU Hosp. Ctr.), 5.00%, 7/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>556,960</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Dorm. Auth. Rev. Bonds, Ser. C, 5.00%, 3/15/31<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>5,000,000</TD>	<TD vAlign=bottom align=right>5,386,901</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Dorm. Auth. Rev. Bonds, Ser. A Group C, 5.00%, 3/15/42<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>10,845,000</TD>	<TD vAlign=bottom align=right>12,363,743</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Env. Fac. Corp. Solid Waste Disp. 144A Mandatory Put Bonds (12/2/19), (Casella Waste Syst., Inc.), 3.75%, 12/1/44</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,002,800</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NY State Liberty Dev. Corp. 144A Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(World Trade Ctr.), Class 2, 5.375%, 11/15/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>826,058</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(3 World Trade Ctr., LLC), Class 1-3, 5.00%, 11/15/44</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,320,938</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Onondaga, Civic Dev. Corp. Rev. Bonds, (St. Joseph's Hosp. Hlth. Ctr.), U.S. Govt. Coll., 5.125%, 7/1/31 (Prerefunded 7/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,620,000</TD>	<TD vAlign=bottom align=right>1,674,432</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Port Auth. of NY &amp; NJ Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Kennedy Intl. Arpt. - 5th Installment), 6.75%, 10/1/19</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>100,000</TD>	<TD vAlign=bottom align=right>104,614</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. 207th, 5.00%, 9/15/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,910,475</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Port Auth. of NY &amp; NJ Special Oblig. Rev. Bonds, (John F. Kennedy Intl. Air Term), 6.00%, 12/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,091,330</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>42,856,233</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>North Carolina (1.7%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6.75%, 1/1/24 (Prerefunded 1/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>766,770</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NC State Med. Care Comm. Hlth. Fac. Rev. Bonds, (Presbyterian Homes), Ser. C, 5.00%, 10/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>800,000</TD>	<TD vAlign=bottom align=right>895,016</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>NC State Med. Care Comm. Retirement Fac. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Salemtowne), 5.375%, 10/1/45</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,615,000</TD>	<TD vAlign=bottom align=right>1,728,163</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Aldersgate United Methodist Retirement Cmnty., Inc.), Ser. A, 5.00%, 7/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>400,000</TD>	<TD vAlign=bottom align=right>427,256</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Aldersgate United Methodist Church), 5.00%, 7/1/45</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>825,000</TD>	<TD vAlign=bottom align=right>871,316</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Southminister, Inc.), 5.00%, 10/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>965,000</TD>	<TD vAlign=bottom align=right>1,033,679</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(United Methodist Retirement Homes), Ser. A, 5.00%, 10/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>551,690</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(United Church Homes &amp; Svcs. Oblig. Group), Ser. A, 5.00%, 9/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>530,335</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>6,804,225</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Ohio (6.0%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A-2, 6.50%, 6/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,000,000</TD>	<TD vAlign=bottom align=right>4,119,960</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A-3, 6.25%, 6/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>850,000</TD>	<TD vAlign=bottom align=right>890,341</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A-2, 6.00%, 6/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>4,000,000</TD>	<TD vAlign=bottom align=right>4,000,040</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A-2, 5.875%, 6/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,750,000</TD>	<TD vAlign=bottom align=right>1,765,068</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A-2, 5.75%, 6/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>5,175,000</TD>	<TD vAlign=bottom align=right>5,187,989</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. B, zero %, 6/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>CCC+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>10,000,000</TD>	<TD vAlign=bottom align=right>850,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Franklin Cnty., Hlth. Care Fac. Rev. Bonds, (OH Presbyterian Retirement Svcs. (OPRS) Cmntys. Oblig. Group), Ser. A, 5.625%, 7/1/26</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,309,363</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lake Cnty., Hosp. Fac. Rev. Bonds, (Lake Hosp. Syst., Inc.), Ser. C</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.625%, 8/15/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>245,000</TD>	<TD vAlign=bottom align=right>245,821</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">U.S. Govt. Coll., 5.625%, 8/15/29 (Prerefunded 8/15/18)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,285,000</TD>	<TD vAlign=bottom align=right>1,286,953</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>OH State Air Quality Dev. Auth. Exempt Fac. 144A Rev. Bonds, (Pratt Paper, LLC), 4.50%, 1/15/48</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,200,000</TD>	<TD vAlign=bottom align=right>1,242,996</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>OH State Higher Edl. Fac. Comm. Rev. Bonds, (Kenyon College)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 7/1/44</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>525,000</TD>	<TD vAlign=bottom align=right>550,877</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">U.S. Govt. Coll., 5.00%, 7/1/44 (Prerefunded 7/1/20)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>275,000</TD>	<TD vAlign=bottom align=right>291,907</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>OH State Private Activity Rev. Bonds, (Portsmouth Bypass), AGM, 5.00%, 12/31/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>823,823</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.75%, 12/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>900,000</TD>	<TD vAlign=bottom align=right>969,786</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Memorial Hlth. Syst. Oblig. Group), 5.00%, 12/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>150,000</TD>	<TD vAlign=bottom align=right>154,833</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Toledo-Lucas Cnty., Port Auth. Rev. Bonds, (CSX Transn, Inc.), 6.45%, 12/15/21</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>568,805</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>24,258,562</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Oklahoma (0.7%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tulsa Cnty., Indl. Auth. Rev. Bonds, (Sr. Living Cmnty. Montereau, Inc.), Ser. A, 7.125%, 11/1/30 (Prerefunded 5/1/20)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,364,163</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tulsa, Muni. Arpt. Trust Rev. Bonds, (American Airlines, Inc.), Ser. B, 5.50%, 12/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,339,488</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>2,703,651</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Oregon (0.5%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Mirabella at South Waterfront), Ser. A, 5.40%, 10/1/44</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>533,935</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Terwilliger Plaza, Inc.), 5.00%, 12/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>350,000</TD>	<TD vAlign=bottom align=right>375,421</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Warm Springs Reservation, Confederated Tribes 144A Rev. Bonds, (Pelton Round Butte Tribal), Ser. B, 6.375%, 11/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>700,000</TD>	<TD vAlign=bottom align=right>726,831</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Yamhill Cnty., Hosp. Auth. Rev. Bonds, (Friendsview Retirement Cmnty.), Ser. A, 5.00%, 11/15/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>325,000</TD>	<TD vAlign=bottom align=right>349,274</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>1,985,461</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Pennsylvania (5.6%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Robert Morris U.), Ser. A, 5.50%, 10/15/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,055,050</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Robert Morris U.-UPMC Events Ctr.), 5.00%, 10/15/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,190,000</TD>	<TD vAlign=bottom align=right>1,286,509</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cap. Region Wtr. Rev. Bonds, 5.00%, 7/15/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,743,840</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chester Cnty., Hlth. &amp; Ed. Fac. Auth. Rev. Bonds, (Immaculata U.)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 11/1/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,018,460</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 11/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>511,110</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chester Cnty., Indl. Dev. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Collegium Charter School), Ser. A, 5.125%, 10/15/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>772,058</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Renaissance Academy Charter School), 5.00%, 10/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>350,000</TD>	<TD vAlign=bottom align=right>374,658</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds, (West Chester U. Student Hsg., LLC), Ser. A, 5.00%, 8/1/45</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,047,660</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cmnwlth. Fin. Auth. Rev. Bonds, (Tobacco Master Settlement Payment), 5.00%, 6/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,117,630</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Dauphin Cnty., Gen. Auth. Hlth. Syst. Rev. Bonds, (Pinnacle Hlth. Syst.), Ser. A, 5.00%, 6/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>281,125</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Geisinger, Auth. Rev. Bonds, (Geisinger Hlth. Syst.), Ser. A-1, 5.00%, 2/15/45</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Aa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,790,250</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds, (Susquehanna Hlth. Syst.), Ser. A, 5.75%, 7/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,115,800</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Moon, Indl. Dev. Auth. Rev. Bonds, (Baptist Homes Society Oblig. Group), 5.75%, 7/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,598,370</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>PA State Higher Edl. Fac. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Shippensburg U.), 6.25%, 10/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>545,260</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Gwynedd Mercy College), Ser. KK1, 5.375%, 5/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>785,000</TD>	<TD vAlign=bottom align=right>818,559</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>PA State Tpk. Comm. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. B-1, 5.00%, 6/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>900,000</TD>	<TD vAlign=bottom align=right>986,697</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A, 5.00%, 12/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>551,185</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Philadelphia, Auth. for Indl. Dev. Rev. Bonds, (Master Charter School), 6.00%, 8/1/35 (Prerefunded 8/1/20)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,055,000</TD>	<TD vAlign=bottom align=right>1,143,061</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Philadelphia, Hosp. &amp; Higher Edl. Fac. Auth. VRDN, (Children's Hosp. of Philadelphia), Ser. B, 1.53%, 7/1/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>VMIG1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>845,000</TD>	<TD vAlign=bottom align=right>845,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>West Shore Area Auth. Rev. Bonds, (Lifeways at Messiah Village), Ser. A, 5.00%, 7/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>785,000</TD>	<TD vAlign=bottom align=right>834,416</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>22,436,698</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Puerto Rico (0.3%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cmnwlth. of PR, G.O. Bonds, (Pub. Impt.), Ser. A, NATL, 5.50%, 7/1/20</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,044,800</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>1,044,800</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Rhode Island (0.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>RI Hlth. &amp; Edl. Bldg. Corp. Rev. Bonds, (Lifespan Oblig. Group-Hosp. Fin.), 5.00%, 5/15/25</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,704,585</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>1,704,585</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>South Carolina (2.0%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>SC State Pub. Svcs. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Santee Cooper), Ser. A, 5.75%, 12/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,319,350</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A, 5.50%, 12/1/54</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,180,580</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. C, 5.00%, 12/1/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,658,575</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>8,158,505</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>South Dakota (0.3%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>SD State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds, (Sanford Oblig Group), 5.00%, 11/1/45</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,371,550</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>1,371,550</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Tennessee (0.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Johnson City, Hlth. &amp; Edl. Fac. Board Hosp. Rev. Bonds, (Mountain States Hlth. Alliance), 6.00%, 7/1/38 (Prerefunded 7/1/20)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,450,000</TD>	<TD vAlign=bottom align=right>1,567,755</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>1,567,755</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Texas (10.1%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Arlington, Higher Ed. Fin. Corp. Rev. Bonds, (Uplift Ed.), Ser. A, PSFG, 4.00%, 12/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,030,750</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Central TX Regl. Mobility Auth. Rev. Bonds, (Sr. Lien), Ser. A, 5.00%, 1/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>525,000</TD>	<TD vAlign=bottom align=right>568,318</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Clifton, Higher Ed. Fin. Corp. Rev. Bonds, (Idea Pub. Schools)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 8/15/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>315,000</TD>	<TD vAlign=bottom align=right>335,078</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 8/15/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>200,000</TD>	<TD vAlign=bottom align=right>224,726</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Dallas-Fort Worth, Intl. Arpt. Rev. Bonds, Ser. B, 4.50%, 11/1/45</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,535,000</TD>	<TD vAlign=bottom align=right>2,600,859</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>267,150</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,058,330</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Houston, Arpt. Syst. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. B-1, 5.00%, 7/15/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,686,500</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. B-1, 5.00%, 7/15/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>650,000</TD>	<TD vAlign=bottom align=right>705,939</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">Ser. A, 5.00%, 7/1/24</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,617,000</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>La Vernia, Higher Ed. Fin. Corp. Rev. Bonds, (Kipp, Inc.), Ser. A</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">6.375%, 8/15/44 (Prerefunded 8/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,100,000</TD>	<TD vAlign=bottom align=right>1,153,405</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">6.25%, 8/15/39 (Prerefunded 8/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,975,000</TD>	<TD vAlign=bottom align=right>2,068,358</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>La Vernia, Higher Ed. Fin. Corp. 144A Rev. Bonds, (Meridian World School, LLC), Ser. A, 5.25%, 8/15/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,031,770</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds, (Southwest Airlines Co.), 5.25%, 11/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,500,000</TD>	<TD vAlign=bottom align=right>3,713,675</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Matagorda Cnty., Poll. Control Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Central Pwr. &amp; Light Co.), Ser. A, 6.30%, 11/1/29</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,058,370</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,330,238</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Montgomery Cnty., Toll Road Auth. Rev. Bonds, 5.00%, 9/15/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,110,000</TD>	<TD vAlign=bottom align=right>1,210,433</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Wesleyan Homes, Inc.), 5.50%, 1/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>533,590</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Collegiate Student Hsg. Island Campus, LLC), Ser. A, 5.00%, 4/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,830,000</TD>	<TD vAlign=bottom align=right>3,089,483</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Collegiate Hsg.-Tarleton St.), 5.00%, 4/1/39</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>532,650</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Longhorn Village), 5.00%, 1/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>530,635</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(MRC Crestview), 5.00%, 11/15/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>200,000</TD>	<TD vAlign=bottom align=right>209,660</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Woman's U.-Collegiate Hsg. Denton, LLC), Ser. A-1, AGM, 4.125%, 7/1/53</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,002,560</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>North Texas Edl. Fin. Co. Rev. Bonds, (Uplift Edl.), Ser. A, 5.25%, 12/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,109,660</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Red River, Hlth. Retirement Fac. Dev. Corp. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Happy Harbor Methodist Home, Inc.), Ser. A, 7.75%, 11/15/44</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>420,000</TD>	<TD vAlign=bottom align=right>482,089</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Sears Methodist Retirement Syst. Oblig. Group), Ser. C, 6.25%, 5/9/53 (In default)<sup><B><I>(NON)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>39,000</TD>	<TD vAlign=bottom align=right>55</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Sears Methodist Retirement Syst. Oblig. Group), Ser. B, 6.15%, 11/15/49 (In default)<sup><B><I>(NON)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>749,000</TD>	<TD vAlign=bottom align=right>1,049</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 6.05%, 11/15/46 (In default)<sup><B><I>(NON)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>441,000</TD>	<TD vAlign=bottom align=right>309</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Sears Methodist Retirement Syst. Oblig. Group), Ser. D, 6.05%, 11/15/46 (In default)<sup><B><I>(NON)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>76,000</TD>	<TD vAlign=bottom align=right>53</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 5.45%, 11/15/38 (In default)<sup><B><I>(NON)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,124,000</TD>	<TD vAlign=bottom align=right>787</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 5.15%, 11/15/27 (In default)<sup><B><I>(NON)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>D/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>593,000</TD>	<TD vAlign=bottom align=right>415</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds, (Buckner Sr. Living Ventana), Ser. A, 6.75%, 11/15/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>875,000</TD>	<TD vAlign=bottom align=right>974,820</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>TX Private Activity Surface Trans. Corp. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(NTE Mobility), 7.50%, 12/31/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,147,300</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(LBJ Infrastructure), 7.00%, 6/30/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,710,050</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>TX State Dept. of Hsg. &amp; Cmnty. Affairs Rev. Bonds, Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll., 6.90%, 7/2/24</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>50,000</TD>	<TD vAlign=bottom align=right>50,995</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>TX State Muni. Gas Acquisition &amp; Supply Corp. III Rev. Bonds, 5.00%, 12/15/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,500,000</TD>	<TD vAlign=bottom align=right>1,630,275</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>TX State Private Activity Bond Surface Trans. Corp. Rev. Bonds, (Blueridge Trans. Group, LLC (SH 288 Toll Lane))</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 12/31/55</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>537,430</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 12/31/50</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>807,653</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Uptown Dev. Auth. Tax Alloc. Bonds, Ser. A, 5.00%, 9/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>700,000</TD>	<TD vAlign=bottom align=right>770,224</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>40,782,641</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Utah (0.3%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Salt Lake City, Arpt. Rev. Bonds, Ser. A, 5.00%, 7/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,128,680</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>1,128,680</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Virginia (4.6%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Cherry Hill Cmnty., Dev. Auth. 144A Special Assmt. Bonds, (Potomac Shores), 5.40%, 3/1/45</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,027,230</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Front Royal &amp; Warren Cnty., Indl. Dev. Auth. Rev. Bonds, (Valley Hlth. Oblig. Group), 4.00%, 1/1/50</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,521,425</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds, (United Methodist Homes), 5.00%, 6/1/22</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>625,000</TD>	<TD vAlign=bottom align=right>673,175</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>King George Cnty., Indl. Dev. Auth. Mandatory Put Bonds (5/1/19), (Waste Mgt., Inc.-King George Landfill, Inc.), Ser. A, 2.25%, 6/1/23</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,000,000</TD>	<TD vAlign=bottom align=right>3,000,630</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lexington, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds, (Kendal at Lexington), 4.00%, 1/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>675,000</TD>	<TD vAlign=bottom align=right>694,433</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Lower Magnolia Green Cmnty., Dev. Auth. 144A Special Assmt. Bonds, 5.00%, 3/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>485,000</TD>	<TD vAlign=bottom align=right>494,787</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Small Bus. Fin. Auth. Private Activity Rev. Bonds, (Transform 66 P3), 5.00%, 12/31/52</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,250,000</TD>	<TD vAlign=bottom align=right>3,557,808</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Suffolk, Econ. Dev. Auth. Retirement Fac. Rev. Bonds, (United Church Homes &amp; Svcs. Oblig. Group), 5.00%, 9/1/31</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>537,975</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>VA State Cmnwlth. U. Hlth. Syst. Auth. Rev. Bonds, Ser. B, 4.00%, 7/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Aa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,000,000</TD>	<TD vAlign=bottom align=right>2,057,420</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>VA State Small Bus. Fin. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Elizabeth River Crossings OPCO, LLC), 6.00%, 1/1/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>740,000</TD>	<TD vAlign=bottom align=right>819,365</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Express Lanes, LLC), 5.00%, 7/1/34</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,150,000</TD>	<TD vAlign=bottom align=right>1,222,036</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds, (Mountain States Hlth. Alliance), Ser. C, 7.75%, 7/1/38 (Prerefunded 1/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,700,000</TD>	<TD vAlign=bottom align=right>1,744,642</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>18,350,926</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Washington (6.1%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Kalispel Tribe of Indians Priority Dist. Rev. Bonds, Ser. A, 5.25%, 1/1/38</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>769,005</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Port of Seattle, Rev. Bonds, Ser. C, 5.00%, 4/1/40</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>625,000</TD>	<TD vAlign=bottom align=right>684,525</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Port Seattle, Port Indl. Dev. Corp. Rev. Bonds, (Delta Airlines, Inc.), 5.00%, 4/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>800,000</TD>	<TD vAlign=bottom align=right>869,488</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Skagit Cnty., Pub. Hosp. Rev. Bonds, (Dist. No. 001), 5.75%, 12/1/35</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,500,000</TD>	<TD vAlign=bottom align=right>2,632,150</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5%, 6/1/28<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>5,000,000</TD>	<TD vAlign=bottom align=right>5,411,412</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Tobacco Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,275,000</TD>	<TD vAlign=bottom align=right>1,365,500</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WA State GO Bonds, Ser. C, 5%, 2/1/33<sup><B><I>(T)</I></B></sup></TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AA+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>3,400,000</TD>	<TD vAlign=bottom align=right>3,986,083</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WA State Hlth. Care Fac. Auth. FRN Mandatory Put Bonds (7/1/22), (Fred Hutchinson Cancer Research Ctr.), Ser. B, 2.483%, 1/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,700,000</TD>	<TD vAlign=bottom align=right>1,724,259</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WA State Hlth. Care Fac. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(WA Hlth. Svcs.), 7.00%, 7/1/39 (Prerefunded 7/1/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,000,000</TD>	<TD vAlign=bottom align=right>1,048,590</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Overlake Hosp. Med. Ctr.), Ser. A, 5.00%, 7/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>A2</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>2,145,000</TD>	<TD vAlign=bottom align=right>2,399,268</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Central WA Hlth. Svcs. Assn.), 4.00%, 7/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa1</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>810,000</TD>	<TD vAlign=bottom align=right>808,947</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WA State Hsg. Fin. Comm. Rev. Bonds, (Wesley Homes Lea Hill), 5.00%, 7/1/41</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>B/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>518,830</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WA State Hsg. Fin. Comm. 144A Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Bayview Manor Homes), Ser. A, 5.00%, 7/1/46</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,230,000</TD>	<TD vAlign=bottom align=right>1,274,661</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Presbyterian Retirement Cmnty. Northwest), Ser. A, 5.00%, 1/1/36</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB+/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,175,000</TD>	<TD vAlign=bottom align=right>1,260,810</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>24,753,528</B></FONT></TD></TR>

	<TR height=6></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>Wisconsin (2.4%)</B></FONT></TD></TR>

	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pub. Fin. Auth. Rev. Bonds, (Denver Intl. Arpt. Great Hall), 5.00%, 9/30/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>500,000</TD>	<TD vAlign=bottom align=right>552,135</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pub. Fin. Auth. Arpt. Fac. Rev. Bonds, (Sr. Oblig. Group), 5.25%, 7/1/28</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>350,000</TD>	<TD vAlign=bottom align=right>377,258</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pub. Fin. Auth. Exempt Fac. Rev. Bonds, (Celanese U.S. Holdings, LLC), Ser. C, 4.30%, 11/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>Baa3</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>300,000</TD>	<TD vAlign=bottom align=right>311,193</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pub. Fin. Auth. Higher Ed. Fac. Rev. Bonds, (Gannon U.)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 5/1/47</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>267,333</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">5.00%, 5/1/42</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB+</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,090,000</TD>	<TD vAlign=bottom align=right>1,169,723</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>Pub. Fin. Auth. Retirement Fac. Rev. Bonds, (Southminster, Inc.), 5.00%, 10/1/43</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>750,000</TD>	<TD vAlign=bottom align=right>797,265</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right></TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(St. Johns Cmntys. Inc.), Ser. A, 7.625%, 9/15/39 (Prerefunded 9/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,350,000</TD>	<TD vAlign=bottom align=right>1,440,167</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(Prohealth Care, Inc.), 6.625%, 2/15/39 (Prerefunded 2/15/19)</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>AAA/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,250,000</TD>	<TD vAlign=bottom align=right>1,284,550</TD></TR>
	<TR><TD></TD>	<TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt; text-indent: -16pt">(St. John's Cmnty., Inc.), Ser. B, 5.00%, 9/15/45</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BBB-/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>250,000</TD>	<TD vAlign=bottom align=right>260,168</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WI State Pub. Fin. Auth Sr. Living Rev. Bonds, (Rose Villa, Inc.), Ser. A, 5.75%, 11/15/44</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB-/P</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>1,800,000</TD>	<TD vAlign=bottom align=right>1,934,100</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds, (Mary's Woods at Marylhurst), Ser. A, 5.25%, 5/15/37</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>380,000</TD>	<TD vAlign=bottom align=right>415,914</TD></TR>
	<TR height=15><TD></TD><TR><TD></TD>	<TD vAlign=top align=left>WI State Pub. Fin. Auth. 144A Rev. Bonds, (Church Home of Hartford, Inc.), Ser. A, 5.00%, 9/1/30</TD>	<TD vAlign=top align=left></TD>	<TD vAlign=bottom align=left>BB/F</TD>	<TD vAlign=bottom align=right></TD>	<TD vAlign=bottom align=right>945,000</TD>	<TD vAlign=bottom align=right>991,371</TD></TR>
	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B></B></FONT></TD>
										<TD align=right><FONT size=+0><B>9,801,177</B></FONT></TD></TR>

	<TR height=8></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=6><FONT size=+0><B>TOTAL INVESTMENTS</B></FONT></TD></TR>

	<TR height=18><TD colspan=6></TD><TD><HR SIZE=2 noShade align=right Width="70%"></TD></TR><TR vAlign=top align=left><TD></TD>	<TD colspan=5><FONT size=+0><B>Total investments (cost $510,740,364)</B></FONT></TD>
										<TD align=right><FONT size=+0><B>$530,705,629</B></FONT></TD></TR>
					<TR><TD><BR></TD></TR></TABLE>

<BR><BR><BR><BR><BR>
<HR noshade align="center" width="100%" size=2>
<BR><BR><BR><BR><BR><BR><BR>






		<!--  NO SWAPS FOR THIS PORTFOLIO  -->



		<TABLE style="WIDTH: 80%" border=0 cellSpacing=0 cellPadding=3><TR>
	<TD width="5%"></TD>
<TD width="30%"></TD>
<TD width="13%">
<TD width="13%">
	<TD width="13%">
<TD width="13%">
<TD width="13%"></TD></TR>
<TR height=60></TR><TR vAlign=top><TD align=right></TD>	<TD colspan=2><FONT size=+1><B>Notes to the fund's portfolio</B></FONT></TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2017 through July 31, 2018 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820&nbsp;<I>Fair Value Measurements and Disclosures</I> and references to "OTC", if any, represent over-the-counter.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(a)</I></B></sup></TD>	<TD colspan=6>Percentages indicated are based on net assets of $402,235,634.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(RAT)</I></B></sup></TD>	<TD colspan=6>The Moody's, Standard &amp; Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard &amp; Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(NON)</I></B></sup></TD>	<TD colspan=6>This security is non-income-producing.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(STP)</I></B></sup></TD>	<TD colspan=6>The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(FWC)</I></B></sup></TD>	<TD colspan=6>Forward commitment, in part or in entirety.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(F)</I></B></sup></TD>	<TD colspan=6>This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs.</TD></TR>
	<TR vAlign=top><TD align=right><sup><B><I>(T)</I></B></sup></TD>	<TD colspan=6>Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>At the close of the reporting period, the fund maintained liquid assets totaling $53,271,621 to cover tender option bonds.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>The dates shown on debt obligations are the original maturity dates.<p></p></TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):</TD></TR>
		<TR vAlign=bottom><TD></TD><TD>Healthcare</TD>	<TD align=right>31.9%</TD></TR>
		<TR vAlign=bottom><TD></TD><TD>Transportation</TD>	<TD align=right>15.6</TD></TR>
		<TR vAlign=bottom><TD></TD><TD>Education</TD>	<TD align=right>15.5</TD></TR>
		<TR vAlign=bottom><TD></TD><TD>Utilities</TD>	<TD align=right>14.8</TD></TR>
		<TR vAlign=bottom><TD></TD><TD>Prerefunded</TD>	<TD align=right>10.2</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6><br><B>Security valuation:</B> Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6>Certain investments, including certain restricted and illiquid securities and derivatives are also valued at fair value following procedures approved by the Trustees. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.</TD></TR>
	<TR vAlign=top><TD align=right></TD>	<TD colspan=6><B>Tender option bond transactions:</B> The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust's assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund's portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund's investments with a value of $51,748,372 were held by the TOB trust and served as collateral for $33,991,161 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $311,638 for these investments based on an average interest rate of 1.3%.</TD></TR>	</TABLE>


			<BR><BR><BR><BR><BR><BR>
<HR noshade align="center" width="100%" size=2>
<BR><BR><BR><BR><BR><BR>







<TABLE style="WIDTH: 80%" border=0 cellSpacing=0  cellPadding=3><TR>
<TD width="5%"></TD>
<TD width="42%"></TD>
<TD width="17%"></TD>
<TD width="17%"></TD>
<TD width="17%"></TD>
</TR>

	<TR vAlign=top align=left><TD></TD>	<TD colspan=4>ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:</TD></TR>
	<TR vAlign=top align=left><TD></TD>	<TD colspan=4><B>Level 1:</B> Valuations based on quoted prices for identical securities in active markets.</TD></TR>
	<TR vAlign=top align=left><TD></TD>	<TD colspan=4><B>Level 2:</B> Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.</TD></TR>

	<TR vAlign=top align=left><TD></TD>	<TD colspan=4><B>Level 3:</B> Valuations based on inputs that are unobservable and significant to the fair value measurement.</TD></TR>
	<TR vAlign=top align=left><TD></TD>	<TD colspan=4>The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:</TD></TR>
	<TR><TD><BR></TD>			<TD></TD><TD></TD><TD align=right><B><br>Valuation inputs</B></TD>							</TR>
						<TR><TD></TD><TD colspan=4>
<HR SIZE=2 noShade align=right Width="100%">
</TD></TR>
	<TR><TD></TD>	<TD><B><B>Investments in securities:</B></B></TD>	<TD align=right><B>Level 1</B></TD>	<TD align=right><B>Level 2</B></TD>	<TD align=right><B>Level 3</B></TD>						</TR>
	<TR><TD></TD>	<TD>Municipal bonds and notes</TD>	<TD align=right>&mdash;</TD>	<TD align=right>530,694,592</TD>	<TD align=right>11,037</TD>						</TR>
	<TR><TD></TD><TD></TD>
<TD>
<HR SIZE=2 noShade align=right Width="60%">
</TD>
<TD>
<HR SIZE=2 noShade align=right Width="60%">
</TD>
<TD>
<HR SIZE=2 noShade align=right Width="60%">
</TD>
</TR>
<TR><TD></TD>	<TD><B>Totals by level</B></TD>	<TD align=right><B>$&mdash;</B></TD>	<TD align=right><B>$530,694,592</B></TD>	<TD align=right><B>$11,037</B></TD>
						<TR><TD><BR></TD></TR>
	<TR vAlign=top align=left><TD></TD>	<TD colspan=4>During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. Transfers are accounted for using the end of period pricing valuation method.</TD></TR>
	<TR vAlign=top align=left><TD></TD>	<TD colspan=4><br>For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com</TD></TR>									</TABLE>





<BR><BR><BR>









































	<font face=sans-serif size=2>


<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td><u>Item 2. Controls and Procedures:</u>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.
</td></tr></table><br>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>(b) Changes in internal control over financial reporting: Not applicable
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td><u>Item 3. Exhibits:</u>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.
</td></tr></table><br>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td><u>SIGNATURES</u>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</td></tr></table><br>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td><u>Putnam Managed Municipal Income Trust</u>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>By (Signature and Title):
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td><u>/s/ Janet C. Smith</u><br>Janet C. Smith<br>Principal Accounting Officer<br>Date: September 27, 2018
</td></tr></table><br>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of  1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
</td></tr></table><br>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>By (Signature and Title):
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td><u>/s/ Jonathan S. Horwitz</u><br>Jonathan S. Horwitz<br>Principal Executive Officer<br>Date: September 27, 2018
</td></tr></table><br>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>By (Signature and Title):
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td><u>/s/ Janet C. Smith</u><br>Janet C. Smith<br>Principal Financial Officer<br>Date: September 27, 2018
</td></tr></table><br>
<table width=95% border=0 cellspacing=0 cellpadding=1><tr>
<td width=5%></td>
<td width=95%></td>
</tr>
<tr><td></td><td>
</td></tr></table>




























</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_052certifications.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>

<html>

	<head>
		<TITLE>b_052certifications.htm</TITLE>
	</head>
	<body>
	<font face=sans-serif size=2>

<br><br>

<table width=95% border=0 cellspacing=0 cellpadding=1>
<tr>
<td width=5%></td>
<td width=95%></td>
</tr>	<tr><td></td><td><u>Certifications<br><br></u></td></tr>
<tr><td></td><td>I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:</td></tr>

<tr><td></td><td><br>1.  I have reviewed each report on Form N-Q of the funds listed on Attachment A:</td></tr>

<tr><td></td><td><br>2.  Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;</td></tr>

<tr><td></td><td><br>3.  Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</td></tr>
<tr><td></td><td><br>4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:</td></tr>
<tr><td></td><td><br><br>a)  designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</td></tr>
<tr><td></td><td><br><br>b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</td></tr>
<tr><td></td><td><br><br>c)  evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</td></tr>

<tr><td></td><td><br><br>d)  disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</td></tr>

<tr><td></td><td><br>5.  The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):</td></tr>

<tr><td></td><td><br><br>a)  all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and</td></tr>

<tr><td></td><td><br><br>b)  any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.</td></tr>

<tr><td></td><td><br>/s/ Jonathan S. Horwitz</td></tr>
<tr><td></td><td>_____________________________</td></tr>
<tr><td></td><td><br>Date: September 27, 2018</td></tr>
<tr><td></td><td>Jonathan S. Horwitz</td></tr>
<tr><td></td><td>Principal Executive Officer</td></tr>

<tr><td></td><td><br><br><br><u><br><br><br><br><br><hr size=2 noshade><br><br><br><br><br><u>Certifications<br><br></u></td></tr>
<tr><td></td><td>I, Janet C. Smith, the Principal Financial Officer of the funds listed on Attachment A, certify that:</td></tr>

<tr><td></td><td><br>1.  I have reviewed each report on Form N-Q of the funds listed on Attachment A:</td></tr>

<tr><td></td><td><br>2.  Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;</td></tr>

<tr><td></td><td><br>3.  Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</td></tr>
<tr><td></td><td><br>4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:</td></tr>
<tr><td></td><td><br><br>a)  designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</td></tr>
<tr><td></td><td><br><br>b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</td></tr>
<tr><td></td><td><br><br>c)  evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</td></tr>

<tr><td></td><td><br><br>d)  disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</td></tr>

<tr><td></td><td><br>5.  The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):</td></tr>

<tr><td></td><td><br><br>a)  all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and</td></tr>

<tr><td></td><td><br><br>b)  any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.</td></tr>

<tr><td></td><td><br>/s/ Janet C. Smith</td></tr>
<tr><td></td><td>_______________________________</td></tr>
<tr><td></td><td><br>Date: September 27, 2018</td></tr>
<tr><td></td><td>Janet C. Smith</td></tr>
<tr><td></td><td>Principal Financial Officer</td></tr>

<tr><td></td><td align=center><br><br><br><br><br><br><br><br><br><hr size=2 noshade><br><br><br><br><br><font size=+2><b>Attachment A</b></font></td></tr>
<tr><td></td><td align=center><br><font size=+2><b>NQ</b></font></td></tr>
<tr><td></td><td align=center><br>Period (s) ended July 31, 2018</td></tr>


<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Capital Opportunities Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Capital Spectrum Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Convertible Securities Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Equity Spectrum Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Fixed Income Absolute Return Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Equity Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Income Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Sector Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Income Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Managed Municipal Income Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Multi-Asset Absolute Return Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Multi-Cap Core Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Municipal Opportunities Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Short Duration Bond Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Future Fund</td></tr>

</table>
			</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
