<SEC-DOCUMENT>0000818972-12-000001.txt : 20120224
<SEC-HEADER>0000818972-12-000001.hdr.sgml : 20120224
<ACCEPTANCE-DATETIME>20120224111610
ACCESSION NUMBER:		0000818972-12-000001
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120224
DATE AS OF CHANGE:		20120224
EFFECTIVENESS DATE:		20120224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DREYFUS STRATEGIC MUNICIPALS INC
		CENTRAL INDEX KEY:			0000818972
		IRS NUMBER:				133426554
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05245
		FILM NUMBER:		12636396

	BUSINESS ADDRESS:	
		STREET 1:		THE DREYFUS CORPORATION
		STREET 2:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
		BUSINESS PHONE:		2129228297

	MAIL ADDRESS:	
		STREET 1:		DREYFUS CORP
		STREET 2:		200 PARK AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>form-123111.htm
<DESCRIPTION>FORM N-Q
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<P style="MARGIN: 0in 0in 24pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C.&nbsp; 20549</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">FORM N-Q</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT<BR>INVESTMENT COMPANY</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Investment Company Act file number</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">811-5245</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Dreyfus Strategic Municipals, Inc.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(Exact name of Registrant as specified in charter)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">c/o The Dreyfus Corporation</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">200 Park Avenue</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">New York, New York 10166</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(Address of principal executive offices) (Zip code)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Janette E. Farragher, Esq.</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">200 Park Avenue</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">New York, New York 10166</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(Name and address of agent for service)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Registrant's telephone number, including area code: </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(212) 922-6000</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date of fiscal year end:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">9/30</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date of reporting period:</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">12/31/11</FONT></P></TD>

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<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">FORM N-Q</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">-</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">2</FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">-</FONT></FONT><FONT>&nbsp;</FONT></P></DIV>

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   <TD style="TEXT-INDENT: 0.36pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>STATEMENT OF INVESTMENTS</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Dreyfus Strategic Municipals, Inc.</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>December 31, 2011 (Unaudited)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="TEXT-INDENT: 0.119pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Coupon</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Maturity</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Principal</FONT></B></TD>

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   <TD style="TEXT-INDENT: 0.119pt; BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investments--150.7%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Rate (%)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Date</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Amount ($)</FONT></B></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Value ($)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Alabama--.3%</FONT></B>&nbsp;</TD>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Jefferson County,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Limited Obligation School</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Warrants</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/24</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,781,140</FONT>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Alaska--.3%</FONT></B>&nbsp;</TD>

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   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Northern Tobacco Securitization</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corporation of Alaska, Tobacco</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Settlement Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/46</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,379,780</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Arizona--6.2%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Arizona Housing Finance Authority,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>SFMR (Mortgage-Backed</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Securities Program)</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Collateralized: FHLMC, FNMA</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and GNMA)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.55</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/41</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,565,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,768,568</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Receipts (Salt River Project</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Agricultural Improvement and</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Power District, Salt River</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Project Electric System</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>17,210,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>18,304,212</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Glendale Western Loop 101 Public</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Facilities Corporation, Third</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lien Excise Tax Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,178,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Pima County Industrial Development</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Education Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(American Charter Schools</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Foundation Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.63</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,410,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,754,666</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Salt Verde Financial Corporation,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Senior Gas Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/37</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>461,880</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>California--18.0%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Receipts (Los Angeles</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Department of Airports, Senior</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

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   <TD width="11%"></TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue (Los Angeles</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>International Airport))</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/31</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,247,500</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,693,356</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>California,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>GO (Various Purpose)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.75</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4/1/31</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,800,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12,119,760</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>California,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>GO (Various Purpose)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4/1/33</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11,928,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>California,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>GO (Various Purpose)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8,546,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>California Statewide Communities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Development Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Bentley School)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,090,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,933,313</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>California Statewide Communities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Development Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Bentley School)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,225,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>207,604</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>California Statewide Communities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Development Authority, Student</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Housing Revenue (CHF-Irvine,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>LLC-UCI East Campus</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Apartments, Phase II)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.75</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,072,060</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Golden State Tobacco</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Securitization Corporation,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/27</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,652,380</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Golden State Tobacco</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Securitization Corporation,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/33</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,075,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,059,552</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Golden State Tobacco</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Securitization Corporation,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.80</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/13</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8,100,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8,942,157</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Golden State Tobacco</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Securitization Corporation,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.90</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/13</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,210,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Trust (California Educational</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Facilities Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="33%"></TD>

   <TD width="11%"></TD>

   <TD width="13%"></TD>

   <TD width="23%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(University of Southern</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>California))</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/16</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,100,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11,030,412</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sacramento County,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Airport System Subordinate and</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Passenger Facility Charges</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Grant Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,250,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,801,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>San Buenaventura,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue (Community Memorial</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Health System)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/41</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,158,060</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>San Diego Public Facilities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Financing Authority, Senior</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sewer Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,705,225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tobacco Securitization Authority</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of Southern California,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Asset-Backed Bonds (San Diego</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>County Tobacco Asset</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Securitization Corporation)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/37</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,161,465</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tuolumne Wind Project Authority,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue (Tuolumne Company</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.88</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/29</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,953,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Colorado--2.8%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Beacon Point Metropolitan</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>District, GO</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,909,320</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Colorado Educational and Cultural</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Facilities Authority, Charter</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>School Revenue (American</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Academy Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,165,315</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Colorado Health Facilities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Revenue (Catholic</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Health Initiatives)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2/1/41</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,137,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Colorado Housing and Finance</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Single Family</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Program Senior and Subordinate</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds (Collateralized; FHA)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.60</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/1/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>960,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,033,402</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Southlands Metropolitan District</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Number 1, GO (Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.13</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/14</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,375,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Delaware--.9%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Delaware Economic Development</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Exempt Facility</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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   <TD width="34%"></TD>

   <TD width="11%"></TD>

   <TD width="13%"></TD>

   <TD width="23%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue (Indian River Power</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>LLC Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/45</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,825,400</FONT>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Florida--7.7%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Clearwater,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Water and Sewer Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,472,000</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Florida,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Department of Transportation</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Right-of-Way Acquisition and</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bridge Construction Bonds</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/24</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,843,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Greater Orlando Aviation</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Airport Facilities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/20</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9,766,960</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Mid-Bay Bridge Authority,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Springing Lien Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,320,460</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Orange County School Board,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>COP (Master Lease Purchase</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Agreement) (Insured; Assured</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/1/34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,467,640</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Saint Johns County Industrial</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Development Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Presbyterian Retirement</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Communities Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/1/45</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,500,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,677,190</FONT>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Georgia--7.7%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Atlanta,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Airport General Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/26</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,295,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Atlanta,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Water and Wastewater Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/27</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,008,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Atlanta,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Water and Wastewater Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,464,340</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Brooks County Development</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Senior Health and</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Housing Facilities Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Presbyterian Home, Quitman,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Inc.) (Collateralized; GNMA)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.70</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/20/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,445,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,654,004</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>DeKalb County Hospital Authority,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>RAC (DeKalb Medical Center,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Inc. Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.13</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9/1/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,765,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8,006,258</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Fulton County Development</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Revenue (Georgia</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tech North Avenue Apartments</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Project) (Insured; XLCA)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/32</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,300,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,385,468</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Georgia Higher Education</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Facilities Authority, Revenue</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(USG Real Estate Foundation I,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>LLC Project) (Insured; Assured</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.63</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/15/38</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,000,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,393,540</FONT>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Hawaii--.9%</FONT></B>&nbsp;</TD>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Hawaii Department of Budget and</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Finance, Special Purpose</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue (Hawai'i Pacific</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Health Obligated Group)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.75</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/40</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,415,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,557,207</FONT>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Idaho--1.0%</FONT></B>&nbsp;</TD>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Power County Industrial</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Development Corporation, SWDR</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(FMC Corporation Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.45</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/1/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,004,700</FONT>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Illinois--5.3%</FONT></B>&nbsp;</TD>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Chicago,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>General Airport Third Lien</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue (Chicago O'Hare</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>International Airport)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.63</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,492,200</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Chicago,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sales Tax Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,500,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,796,135</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Chicago,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>SFMR (Collateralized: FHLMC,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.55</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4/1/33</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,510,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,573,752</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Chicago Metropolitan Water</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Reclamation District, GO</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Capital Improvement Limited</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tax Bonds</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,500,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8,379,075</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Illinois Finance Authority,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Recovery Zone Facility Revenue</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Navistar International</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corporation Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/15/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,000,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,170,160</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Railsplitter Tobacco Settlement</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Tobacco Settlement</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/28</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,000,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,317,640</FONT>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Indiana--.9%</FONT></B>&nbsp;</TD>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Indianapolis Local Public</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Improvement Bond Bank, Revenue</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Indianapolis Airport</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority Project) (Insured;</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AMBAC)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/36</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,513,455</FONT>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Iowa--.3%</FONT></B>&nbsp;</TD>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tobacco Settlement Authority of</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Iowa, Tobacco Settlement</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.60</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,755,880</FONT>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Kansas--.2%</FONT></B>&nbsp;</TD>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sedgwick and Shawnee Counties,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>SFMR (Mortgage-Backed</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Securities Program)</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Collateralized: FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.70</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,060,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,118,173</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Kentucky--.9%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Kentucky Area Development</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Districts Financing Trust, COP</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Lease Acquisition Program)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/1/27</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,100,760</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Louisville/Jefferson County Metro</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Government, Health Facilities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue (Jewish Hospital and</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Saint Mary's HealthCare, Inc.</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.13</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2/1/37</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,393,242</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Louisiana--2.2%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Jefferson Parish Hospital Service</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>District Number 2, HR (East</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Jefferson General Hospital)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/31</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,132,090</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lakeshore Villages Master</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Community Development</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>District, Special Assessment</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/17</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,979,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>e</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,191,153</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Louisiana Local Government</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Environmental Facilities and</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Community Development</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Revenue (Westlake</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Chemical Corporation Projects)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.75</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,404,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Maine--.6%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Maine Health and Higher</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Educational Facilities</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(MaineGeneral Medical Center</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="33%"></TD>

   <TD align=right width="11%"></TD>

   <TD align=right width="13%"></TD>

   <TD align=right width="23%"></TD>

   <TD align=right width="2%"></TD>

   <TD align=right width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Issue)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,336,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Maryland--1.2%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Maryland Economic Development</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corporation, Senior Student</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Housing Revenue (University of</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Maryland, Baltimore Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.75</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/33</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,590,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,054,783</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Maryland Economic Development</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corporation, Student Housing</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue (University of</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Maryland, College Park</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Project) (Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/13</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,262,710</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Massachusetts--10.5%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Receipts (Massachusetts Health</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and Educational Facilities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Massachusetts Institute of</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Technology Issue))</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>13,110,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>14,504,511</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Trust (Massachusetts,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Consolidated Loan)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4/1/19</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8,600,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,014,356</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Trust (Massachusetts</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Development Finance Agency,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue (Harvard University</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Issue))</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2/1/34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,000,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11,652,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Massachusetts Development Finance</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Agency, Revenue (Partners</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>HealthCare System Issue)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/36</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,264,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Massachusetts Health and</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Educational Facilities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Revenue (Civic</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Investments Issue)</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/15/12</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,200,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,308,576</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Massachusetts Health and</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Educational Facilities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Revenue (Partners</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>HealthCare System Issue)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.75</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>185,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>186,434</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Massachusetts Health and</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Educational Facilities</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Revenue (Suffolk</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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<DIV align=left>

<TABLE style="WIDTH: 913px; HEIGHT: 939px" cellSpacing=0 border=0>



<TR>

   <TD width="32%"></TD>

   <TD width="13%"></TD>

   <TD align=right width="13%"></TD>

   <TD align=right width="23%"></TD>

   <TD align=right width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>University Issue)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/30</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,500,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,997,475</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Massachusetts Industrial Finance</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Agency, RRR (Ogden Haverhill</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.60</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/19</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,000,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,019,740</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Michigan--10.3%</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Charyl Stockwell Academy,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>COP</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.90</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,580,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,100,662</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Detroit,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sewage Disposal System Senior</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lien Revenue (Insured; Assured</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/27</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,500,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,997,225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Detroit,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sewage Disposal System Senior</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lien Revenue (Insured; Assured</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/33</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,700,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,938,781</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Detroit School District,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>School Building and Site</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Improvement Bonds (GO -</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Unlimited Tax) (Insured; FGIC) 5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/1/28</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,930,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,968,435</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Kent Hospital Finance Authority,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue (Metropolitan Hospital</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,930,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,836,885</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Kent Hospital Finance Authority,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue (Metropolitan Hospital</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,970,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Michigan Hospital Finance</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, HR (Henry Ford</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Health System)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.63</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/15/29</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,286,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Michigan Strategic Fund,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>LOR (The Detroit Edison</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Company Exempt Facilities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Project) (Insured; XLCA)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/15/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,019,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Michigan Strategic Fund,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>SWDR (Genesee Power Station</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/21</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11,100,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,597,170</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Royal Oak Hospital Finance</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, HR (William</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Beaumont Hospital Obligated</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Group)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9/1/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,500,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,604,510</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Wayne County Airport Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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<TR>

   <TD width="34%"></TD>

   <TD width="11%"></TD>

   <TD width="14%"></TD>

   <TD width="23%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Airport Revenue (Detroit</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Metropolitan Wayne County</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Airport) (Insured; National</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Public Finance Guarantee Corp.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,000,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,882,470</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Minnesota--3.0%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Dakota County Community</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Development Agency, SFMR</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Mortgage-Backed Securities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Program) (Collateralized:</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>FHLMC, FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.15</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/38</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,373,303</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,422,756</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Dakota County Community</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Development Agency, SFMR</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Mortgage-Backed Securities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Program) (Collateralized:</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>FHLMC, FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.30</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/39</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,520,716</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,622,573</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Minneapolis,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Health Care System Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Fairview Health Services)</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/15/38</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,701,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>North Oaks,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Senior Housing Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Presbyterian Homes of North</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Oaks, Inc. Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/47</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,265,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,274,551</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Saint Paul Housing and</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Redevelopment Authority,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Hospital Facility Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(HealthEast Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.15</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/15/20</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,310,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,320,162</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Winona,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Health Care Facilities Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Winona Health Obligated Group)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/26</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,500,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,558,425</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Mississippi--3.3%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Clairborne County,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>PCR (System Energy Resources,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Inc. Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.20</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2/1/26</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,525,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,526,439</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Mississippi Business Finance</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corporation, PCR (System</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Energy Resources, Inc. Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.88</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4/1/22</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9,310,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9,353,757</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Mississippi Development Bank,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Special Obligation Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Magnolia Regional Health</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR>

   <TD width="33%"></TD>

   <TD align=right width="11%"></TD>

   <TD align=right width="13%"></TD>

   <TD align=right width="23%"></TD>

   <TD align=right width="2%"></TD>

   <TD align=right width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Center Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/31</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,402,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Missouri--1.7%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Missouri Development Finance</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Board, Infrastructure</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Facilities Revenue (Branson</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Landing Project) (Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/12</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,093,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Missouri Development Finance</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Board, Infrastructure</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Facilities Revenue (Branson</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Landing Project) (Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/12</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,500,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,714,605</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Missouri Development Finance</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Board, Infrastructure</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Facilities Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Independence, Crackerneck</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Creek Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3/1/28</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,003,220</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Montana--.0%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Montana Board of Housing,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>SFMR</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.45</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/29</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>245,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>249,444</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Nevada--1.0%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Clark County,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Passenger Facility Charge</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue (Las Vegas-McCarran</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>International Airport)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/30</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,274,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>New Hampshire--1.3%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>New Hampshire Health and</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Educational Facilities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Revenue (Exeter</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/24</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,011,870</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>New Hampshire Health and</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Educational Facilities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Revenue (Exeter</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.75</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/31</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,011,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>New Hampshire Industrial</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Development Authority, PCR</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Connecticut Light and Power</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Company Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.90</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/16</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,011,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>New Jersey--4.0%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>New Jersey Economic Development</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Cigarette Tax</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.75</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/15/34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,634,420</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

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   <TD width="11%"></TD>

   <TD width="13%"></TD>

   <TD width="23%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>New Jersey Higher Education</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Student Assistance Authority,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Student Loan Revenue (Insured;</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Assured Guaranty Municipal</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corp.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.13</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/30</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,309,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tobacco Settlement Financing</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corporation of New Jersey,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/29</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,957,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tobacco Settlement Financing</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corporation of New Jersey,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/13</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,640,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,179,522</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>New Mexico--1.5%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Farmington,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>PCR (Public Service Company of</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>New Mexico San Juan Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.90</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,219,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>New Mexico Mortgage Finance</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Single Family</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Mortgage Program Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Collateralized: FHLMC, FNMA</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and GNMA)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.15</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>705,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>751,311</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>New York--9.2%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Receipts (New York City</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Municipal Water Finance</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Water and Sewer</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>System General Resolution</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/15/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>20,000,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>21,404,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Receipts (New York City</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Transitional Finance</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Future Tax Secured</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Subordinate Revenue)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/27</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,987,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Trust (New York City</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Transitional Finance</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Future Tax Secured</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Subordinate Revenue)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/18</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,958,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>New York City Educational</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TABLE style="WIDTH: 912px; HEIGHT: 970px" cellSpacing=0 border=0>



<TR>

   <TD width="33%"></TD>

   <TD align=right width="11%"></TD>

   <TD align=right width="13%"></TD>

   <TD align=right width="23%"></TD>

   <TD align=right width="2%"></TD>

   <TD align=right width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Construction Fund, Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4/1/27</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,490,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,560,596</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>New York City Industrial</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Development Agency, PILOT</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue (Yankee Stadium</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Project) (Insured; Assured</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3/1/49</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,773,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>New York State Dormitory</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Revenue (Orange</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Regional Medical Center</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Obligated Group)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.13</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/29</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,625,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,641,477</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Port Authority of New York and New</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Jersey, Special Project Bonds</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(JFK International Air</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Terminal LLC Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/36</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,108,420</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Ohio--5.0%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Buckeye Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Financing Authority, Tobacco</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Settlement Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.88</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/30</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,227,440</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Buckeye Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Financing Authority, Tobacco</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Settlement Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.88</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/47</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,654,712</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Butler County,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Hospital Facilities Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(UC Health)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,517,955</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Canal Winchester Local School</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>District, School Facilities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Construction and Improvement</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and Advance Refunding Bonds</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(GO - Unlimited Tax) (Insured;</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>National Public Finance</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Guarantee Corp.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/29</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,955,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,696,102</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Canal Winchester Local School</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>District, School Facilities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Construction and Improvement</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and Advance Refunding Bonds</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(GO - Unlimited Tax) (Insured;</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>National Public Finance</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Guarantee Corp.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/31</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,955,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,491,826</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ohio Air Quality Development</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Air Quality Revenue</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Ohio Valley Electric</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TR>

   <TD width="33%"></TD>

   <TD align=right width="11%"></TD>

   <TD align=right width="13%"></TD>

   <TD align=right width="23%"></TD>

   <TD align=right width="2%"></TD>

   <TD align=right width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corporation Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.63</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/19</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,900,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,583,279</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Port of Greater Cincinnati</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Development Authority, Tax</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Increment Development Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Fairfax Village Red Bank</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Infrastructure Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.63</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2/1/36</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,290,410</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Toledo Lucas County Port</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Airport Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Baxter Global Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/13</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,800,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,795,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Toledo-Lucas County Port</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Special Assessment</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue (Crocker Park Public</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Improvement Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,757,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Oregon--.6%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Warm Springs Reservation</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Confederated Tribes,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Hydroelectric Revenue (Pelton</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Round Butte Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/33</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,391,905</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Pennsylvania--2.3%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Delaware County Industrial</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Development Authority, Charter</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>School Revenue (Chester</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Community Charter School</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.13</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/15/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,738,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Trust (Geisinger Authority,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Health System Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Geisinger Health System))</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.13</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,164,940</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Philadelphia,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>GO</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/1/41</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,550,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,145,867</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Rhode Island--1.1%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Rhode Island Health and</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Educational Building</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corporation, Hospital</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Financing Revenue (Lifespan</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Obligated Group Issue)</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,753,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>South Carolina--4.2%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR>

   <TD width="33%"></TD>

   <TD width="11%"></TD>

   <TD width="13%"></TD>

   <TD width="23%"></TD>

   <TD width="2%"></TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Receipts (Columbia, Waterworks</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and Sewer System Revenue)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2/1/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,000,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,941,300</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>South Carolina Public Service</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Revenue Obligations</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11,059,300</FONT>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Tennessee--3.5%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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   <TD align=right>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Receipts (Rutherford County</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Health and Educational</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Facilities Board, Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Ascension Health Senior</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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   <TD align=right>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Credit Group))</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/15/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,000,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,514,100</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Metropolitan Government of</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Nashville and Davidson County</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Health and Educational</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Facilities Board, Revenue (The</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Vanderbilt University)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,955,710</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Texas--11.7%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

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   <TD align=right>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Receipts (Leander Independent</FONT>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>School District, Unlimited Tax</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>School Building Bonds</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Permanent School Fund</FONT>&nbsp;</TD>

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   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Guarantee Program))</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/15/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8,510,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9,159,526</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Dallas and Fort Worth,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Joint Revenue (Dallas/Fort</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Worth International Airport)</FONT>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Insured; National Public</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Finance Guarantee Corp.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/28</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,540,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,550,084</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Dallas Area Rapid Transit,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Senior Lien Sales Tax Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/48</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,667,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Harris County Health Facilities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Development Corporation, HR</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Memorial Hermann Healthcare</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>System)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/35</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,298,820</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Houston,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Combined Utility System First</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lien Revenue (Insured; Assured</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/15/36</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,762,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>North Texas Tollway Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>First Tier System Revenue</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="32%"></TD>

   <TD align=right width="12%"></TD>

   <TD align=right width="13%"></TD>

   <TD align=right width="23%"></TD>

   <TD align=right width="2%"></TD>

   <TD align=right width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.75</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11,136,463</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>North Texas Tollway Authority,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Second Tier System Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.75</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,824,060</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sam Rayburn Municipal Power</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Agency, Power Supply System</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.75</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/21</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,109,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Texas Department of Housing and</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Community Affairs, Home</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Mortgage Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Collateralized: FHLMC, FNMA</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and GNMA)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>13.27</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/2/24</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>550,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>f</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>602,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Texas Turnpike Authority,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Central Texas Turnpike System</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue (Insured; AMBAC)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.75</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/15/38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,100,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,133,015</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Vermont--.1%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Vermont Housing Finance Agency,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>SFHR (Insured; Assured</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/30</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>425,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>433,933</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Virginia--2.0%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Receipts (Virginia Small</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Business Financing Authority,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Health Care Facilities Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Sentara Healthcare))</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,000,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,417,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Washington--4.8%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Receipts (King County, Limited</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tax GO (Payable from Sewer</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenues))</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.13</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/33</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,000,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,928,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Receipts (King County, Sewer</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/29</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,998,716</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,542,776</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Washington Health Care Facilities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Mortgage Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Highline Medical Center)</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Collateralized; FHA)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/1/36</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,975,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,781,565</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Washington Higher Education</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Facilities Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Seattle University Project)</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Insured; AMBAC)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/37</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,147,900</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="34%"></TD>

   <TD width="10%"></TD>

   <TD width="13%"></TD>

   <TD width="23%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Washington Housing Finance</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Commission, Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Single-Family Program)</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Collateralized: FHLMC, FNMA</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and GNMA)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.15</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/37</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,043</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>West Virginia--.8%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The County Commission of Harrison</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>County, SWDR (Allegheny Energy</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Supply Company, LLC Harrison</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Station Project)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/15/37</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,009,660</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>West Virginia Water Development</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Water Development</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue (Insured; AMBAC)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,250,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,284,695</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Wisconsin--3.9%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Badger Tobacco Asset</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Securitization Corporation,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.13</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/12</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,795,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,863,925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Badger Tobacco Asset</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Securitization Corporation,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tobacco Settlement</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Prerefunded)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/12</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12,995,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>13,362,499</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Madison,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>IDR (Madison Gas and Electric</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Company Projects)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.88</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,390,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,397,122</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Wisconsin Health and Educational</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Facilities Authority, Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Aurora Health Care, Inc.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4/15/33</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,043,340</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Wyoming--1.0%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Wyoming Municipal Power Agency,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Power Supply System Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/33</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,360,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,540,092</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Wyoming Municipal Power Agency,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Power Supply System Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/42</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,750,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,917,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>U.S. Related--6.5%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Guam,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>LOR (Section 30)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.75</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/34</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,069,920</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Guam Housing Corporation,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.92pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>SFMR (Guaranteed</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="32%"></TD>

   <TD width="11%"></TD>

   <TD width="13%"></TD>

   <TD width="23%"></TD>

   <TD width="2%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Mortgage-Backed Securities</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Program) (Collateralized;</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>FHLMC)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.75</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9/1/31</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>965,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,092,052</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Guam Waterworks Authority,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Water and Wastewater System</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.63</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,923,220</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Puerto Rico Commonwealth,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Public Improvement GO</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/32</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,058,840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Puerto Rico Commonwealth,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Public Improvement GO</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,610,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,711,253</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Puerto Rico Commonwealth,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Public Improvement GO</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.50</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,390,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,694,223</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Puerto Rico Electric Power</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Authority, Power Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.25</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/40</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,571,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Puerto Rico Sales Tax Financing</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corporation, Sales Tax Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(First Subordinate Series)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/1/38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,295,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Puerto Rico Sales Tax Financing</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corporation, Sales Tax Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(First Subordinate Series)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.38</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/1/39</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,639,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Puerto Rico Sales Tax Financing</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corporation, Sales Tax Revenue</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(First Subordinate Series)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.00</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/1/42</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12,068,540</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total Long-Term Municipal Investments</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(cost $747,527,079)</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>791,471,572</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.121pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Short-Term Municipal</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Coupon</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Maturity</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Principal</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.121pt; BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investments--3.7%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Rate (%)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Date</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Amount ($)</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Value ($)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>California--1.6%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>California,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Economic Recovery Bonds (LOC;</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>JPMorgan Chase Bank)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.04</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/12</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>g</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>California,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.919pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>GO Notes</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Kindergarten-University)</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(LOC: California State</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Teachers Retirement System and</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Citibank NA)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 26.519pt" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.05</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/12</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,800,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>g</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,800,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Irvine Assessment District Number</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>89-10 (LOC: California State</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Teachers Retirement System and</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<DIV align=left>

<TABLE style="WIDTH: 919px; HEIGHT: 463px" cellSpacing=0 border=0>



<TR>

   <TD width="37%"></TD>

   <TD align=right width="6%"></TD>

   <TD align=right width="12%"></TD>

   <TD align=right width="21%"></TD>

   <TD align=right width="2%"></TD>

   <TD align=right width="16%"></TD>

   <TD align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>State Street Bank and Trust</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Co.)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.09</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/12</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>715,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>g</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT style="WIDTH: 59pt" face=ArialMT,Arial,Helvetica,sans-serif size=2>715,000</FONT><FONT style="WIDTH: 4pt"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>New York--2.1%</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>New York City,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>GO Notes (LOC; JPMorgan Chase</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bank)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.05</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/12</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,400,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>g</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT style="WIDTH: 59pt" face=ArialMT,Arial,Helvetica,sans-serif size=2>3,400,000</FONT><FONT style="WIDTH: 4pt"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>New York City,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>GO Notes (LOC; JPMorgan Chase</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bank)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.08</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/12</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,600,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>g</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT style="WIDTH: 59pt" face=ArialMT,Arial,Helvetica,sans-serif size=2>4,600,000</FONT><FONT style="WIDTH: 4pt"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>New York City,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>GO Notes (LOC; JPMorgan Chase</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bank)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.08</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/1/12</FONT>&nbsp;</TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,800,000</FONT></TD>

   <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>g</FONT>&nbsp;</TD>

   <TD align=right colSpan=2><FONT style="WIDTH: 59pt" face=ArialMT,Arial,Helvetica,sans-serif size=2>2,800,000</FONT><FONT style="WIDTH: 4pt"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total Short-Term Municipal Investments</FONT></B>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.921pt" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(cost $19,315,000)</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right colSpan=2><B><FONT style="WIDTH: 59pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>19,315,000</FONT></B><FONT style="WIDTH: 4pt"></FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total Investments </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(cost $766,842,079)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>154.4</FONT></B></TD>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>%</FONT></B>&nbsp;</TD>

   <TD align=center colSpan=2><B><FONT style="WIDTH: 59pt; TEXT-ALIGN: right" face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>810,786,572</FONT></B><FONT style="WIDTH: 4pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Liabilities, Less Cash and Receivables</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>(13.7</FONT></B></TD>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>%)</FONT></B>&nbsp;</TD>

   <TD align=center colSpan=2><B><FONT style="WIDTH: 59pt; TEXT-ALIGN: right" face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>(71,755,345</FONT></B><B><FONT style="WIDTH: 4pt; TEXT-ALIGN: left" face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.841pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Preferred Stock, at redemption value</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>(40.7</FONT></B></TD>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>%)</FONT></B>&nbsp;</TD>

   <TD align=center colSpan=2><B><FONT style="WIDTH: 59pt; TEXT-ALIGN: right" face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>(213,750,000</FONT></B><B><FONT style="WIDTH: 4pt; TEXT-ALIGN: left" face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>100.0</FONT></B></TD>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>%</FONT></B>&nbsp;</TD>

   <TD align=center colSpan=2><B><FONT style="WIDTH: 59pt; TEXT-ALIGN: right" face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>525,281,227</FONT></B><FONT style="WIDTH: 4pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD vAlign=top noWrap width="2%"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>a</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%">

   <P align=justify><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Collateral for floating rate borrowings.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="2%"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>b</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%">

   <P align=justify><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2011, these securities were valued at $166,509,249 or 31.7% of net assets applicable to Common Shareholders.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="2%"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>c</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%">

   <P align=justify><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Security issued with a zero coupon. Income is recognized through the accretion of discount.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="2%"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>d</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%">

   <P align=justify><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="2%"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>e</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%">

   <P align=justify><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Non-income producing security; interest payments in default.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="2%"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>f</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%">

   <P align=justify><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Inverse floater security--the interest rate is subject to change periodically. Rate shown is the interest rate in effect at December 31, 2011.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="2%"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>g</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%">

   <P align=justify><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Variable rate demand note - rate shown is the interest rate in effect at December 31, 2011. Maturity date represents the next demand date, or the ultimate maturity date if earlier.</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>At December 31, 2011, the aggregate cost of investment securities for income tax purposes was $766,842,079. Net unrealized appreciation on investments was $43,944,493 of which $51,313,953 related to appreciated investment securities and $7,369,460 related to depreciated investment securities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Summary of Abbreviations</FONT></P></DIV>

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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=10%></TD>
     <TD width=43%></TD>
     <TD width=12%></TD>
     <TD width=34%></TD></TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ABAG</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Association of Bay Area Governments</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ACA</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">American Capital Access</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">AGC</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ACE Guaranty Corporation</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">AGIC</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Asset Guaranty Insurance Company</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">AMBAC</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">American Municipal Bond Assurance Corporation</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ARRN</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Adjustable Rate Receipt Notes</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">BAN</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Anticipation Notes</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">BPA</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Purchase Agreement</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">CIFG</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CDC Ixis Financial Guaranty</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">COP</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Certificate of Participation</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">CP</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Commercial Paper</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EDR</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Economic Development Revenue</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EIR</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Environmental Improvement Revenue</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FGIC</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Financial Guaranty Insurance Company</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FHA</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Federal Housing Administration</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FHLB</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Federal Home Loan Bank</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FHLMC</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Federal Home Loan Mortgage Corporation</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FNMA</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Federal National Mortgage Association</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">GAN</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Grant Anticipation Notes</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">GIC</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Guaranteed Investment Contract</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">GNMA</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Government National Mortgage Association</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">GO</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">General Obligation</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">HR</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Hospital Revenue</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">IDB</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Industrial Development Board</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">IDC</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Industrial Development Corporation</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">IDR</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Industrial Development Revenue</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">LOC</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Letter of Credit</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">LOR</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Limited Obligation Revenue</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">LR</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Lease Revenue</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">MFHR</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Multi-Family Housing Revenue</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">MFMR</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Multi-Family Mortgage Revenue</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">PCR</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Pollution Control Revenue</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">PILOT</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Payment in Lieu of Taxes</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">PUTTERS</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Puttable Tax-Exempt Receipts</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">RAC</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Revenue Anticipation Certificates</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">RAN</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Revenue Anticipation Notes</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">RAW</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Revenue Anticipation Warrants</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">RRR</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Resources Recovery Revenue</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">SAAN</FONT></B>&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000992pt">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">State Aid Anticipation Notes</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">SBPA</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Standby Bond Purchase Agreement</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
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     <TD width=11%></TD>
     <TD width=39%></TD>
     <TD width=16%></TD>
     <TD width=32%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">SFHR</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Single Family Housing Revenue</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">SFMR</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Single Family Mortgage Revenue</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">SONYMA</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">State of New York Mortgage Agency</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">SWDR</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Solid Waste Disposal Revenue</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">TAN</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Tax Anticipation Notes</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">TAW</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Tax Anticipation Warrants</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">TRAN</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Tax and Revenue Anticipation Notes</FONT>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">XLCA</FONT></B>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">XL Capital Assurance</FONT>&nbsp;</TD>
</TR>
</TABLE>
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<TR>

   <TD width="28%"></TD>

   <TD width="26%"></TD>

   <TD width="18%"></TD>

   <TD width="14%"></TD>

   <TD width="11%"></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The following is a summary of the inputs used as of December 31, 2011 in valuing the fund's investments:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Level 3 -</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Level 2 - Other</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Significant</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Level 1 - Unadjusted</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Significant</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Unobservable</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Assets ($)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Quoted Prices</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Observable Inputs</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Inputs</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 42.479pt; BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Investments in Securities:</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Municipal Bonds</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 108.6pt; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 54.6pt; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>810,786,572</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>810,786,572</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The Financial Accounting Standards Board (&#147;FASB&#148;) Accounting Standards Codification (&#147;ASC&#148;) is the exclusive reference of authoritative U.S. generally accepted accounting principles (&#147;GAAP&#148;) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (&#147;SEC&#148;) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.</FONT></P>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).</FONT></P>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.</FONT></P>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Various inputs are used in determining the value of the fund&#146;s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below: Level 1&#151;unadjusted quoted prices in active markets for identical investments.</FONT></P>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Level 2&#151;other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).</FONT></P>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Level 3&#151;significant unobservable inputs (including the fund&#146;s own</FONT></P>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">assumptions in determining the fair value of investments).</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund&#146;s investments are as follows: Investments in securities are valued each business day by an independent pricing service (the &#147;Service&#148;) approved by the Board of Directors. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All preceding securities are categorized as Level 2 in the hierarchy.</FONT></P>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized as Level 2 or 3 depending on the relevant inputs used.</FONT></P>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.</FONT></P>
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<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Controls and Procedures.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.</FONT></P>

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<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">FORM N-Q</FONT></B></P>

<P style="MARGIN: 0in 0in 24pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">SIGNATURES<BR><BR></FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Dreyfus Strategic Municipals, Inc.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">By: <U>/s/<FONT style="FONT-SIZE: 11pt" face="Times New Roman">Bradley J. Skapyak</FONT></U></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date:</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">February 23, 2012</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">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.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">By: </FONT><U>/<FONT style="FONT-SIZE: 11pt">s</FONT>/<FONT style="FONT-SIZE: 11pt" face="Times New Roman">Bradley J. Skapyak</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">February 23, 2012</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">By: <U>/s/<FONT style="FONT-SIZE: 11pt" face="Times New Roman">James Windels</FONT></U></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; James Windels</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Treasurer</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">February 23, 2012</FONT></P></TD></TR>

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<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">EXHIBIT INDEX</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.&nbsp; (EX-99.CERT)</FONT></P></DIV>

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<DESCRIPTION>CERTIFICATION
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">SECTION 302 CERTIFICATION</FONT></B></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">I, Bradley J. Skapyak, certify that:</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">1.&nbsp; I have reviewed this report on Form N-Q of Dreyfus Strategic Municipals, Inc.</FONT></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">2.&nbsp; Based on my knowledge, this report does not contain any untrue statement 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 this report;</FONT></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">3.&nbsp; Based on my knowledge, the schedule of investments included in this 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;</FONT></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">4.&nbsp; The registrant's other certifying officer(s) 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 registrant and have:</FONT></P>

<P style="MARGIN-LEFT: 12pt; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">(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 this report is being prepared;</FONT></P>

<P style="MARGIN-LEFT: 12pt; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">(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;</FONT></P>

<P style="MARGIN-LEFT: 12pt; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">(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</FONT></P>

<P style="MARGIN-LEFT: 12pt; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">(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; </FONT></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">5.&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="MARGIN-LEFT: 0.25in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">(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 the registrant's ability to record, process, summarize, and report financial information; and</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">By: </FONT><U><FONT style="FONT-SIZE: 11pt" face="Times New Roman">/s/ Bradley J. Skapyak</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Bradley J. Skapyak</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">President</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date: February 23, 2012</FONT></P></TD></TR></TABLE></DIV>

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<p align=center style="margin-left:0in;margin-right:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:11.0pt;">SECTION 302
CERTIFICATION</font></b></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">I,
James Windels, certify that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1.&#160; I have reviewed this report
on Form N-Q of Dreyfus Strategic
Municipals, Inc.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">2.&#160; Based on my knowledge,
this report does not contain any untrue statement 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 this report;</font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">3.&#160;
Based on my knowledge, the schedule of investments included in this 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;</font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">4.&#160; The
registrant's other certifying officer(s) 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 registrant and have:</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(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 this report is being prepared;</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(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;</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(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</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(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; </font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">5.&#160; The
registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):</font></p>

<p style="margin-left:.25in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(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 the registrant's ability to record, process, summarize, and
report financial information; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(b)
Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial
reporting.</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:191.4pt;width:298.199982pt;">
 <tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">By:       </font><u><font face="Times New Roman" style="font-size:11.0pt;">/s/ James
  Windels</font></u></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">            James Windels</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">            Treasurer</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">Date:    February 23, 2012</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



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