<SEC-DOCUMENT>0000818972-17-000001.txt : 20170215
<SEC-HEADER>0000818972-17-000001.hdr.sgml : 20170215
<ACCEPTANCE-DATETIME>20170215161729
ACCESSION NUMBER:		0000818972-17-000001
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170215
DATE AS OF CHANGE:		20170215
EFFECTIVENESS DATE:		20170215

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:		17614832

	BUSINESS ADDRESS:	
		STREET 1:		THE DREYFUS CORPORATION
		STREET 2:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
		BUSINESS PHONE:		2129226400

	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>lp1591.htm
<DESCRIPTION>FORM N-Q
<TEXT>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 24pt"><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="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">FORM N-Q</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><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-</FONT><FONT style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=times>05245</FONT></P></TD></TR>

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

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

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

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

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

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

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

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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:&nbsp; </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(212) 922-6400</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">&nbsp; 09/30</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">&nbsp; 12/31/16</FONT></P></TD>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" 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;&nbsp; Schedule of Investments.</FONT></B></P>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS</FONT><BR><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>Dreyfus Strategic Municipals, Inc.</FONT><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>December 31, 2016 (Unaudited)</FONT></P>

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   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments -</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">153.2%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Alabama - 3.0%</FONT></B>&nbsp;</TD>

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   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Birmingham Special Care Facilities</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Financing Authority,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Improvement Revenue (Methodist</FONT>&nbsp;</TD>

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   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Home for the Aging)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,274,900</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Jefferson County,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Limited Obligation School Warrants</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/24</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,008,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Jefferson County,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Sewer Revenue Warrants</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">0/7.90</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,851,225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Lower Alabama Gas District,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Gas Project Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9/1/46</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,635,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">15,769,705</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Alaska - 1.8%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Northern Tobacco Securitization</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corporation of Alaska,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/46</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11,190,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">9,335,705</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Arizona - 5.9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Arizona Housing Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">SFMR (Mortgage-Backed Securities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Program) (Collateralized: FHLMC,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.55</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/41</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,170,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,192,055</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Maricopa County Industrial Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Revenue (Paradise Schools</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Projects)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/47</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">976,930</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Phoenix Industrial Development Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Facility Revenue (BASIS</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Schools Projects)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,360,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,391,718</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Phoenix Industrial Development Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Facility Revenue (BASIS</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Schools Projects)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/46</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,002,460</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Phoenix Industrial Development Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Facility Revenue (Legacy</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Traditional Schools Projects)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,912,280</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Salt Verde Financial Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Gas Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/37</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,030,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,487,687</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0447),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Salt River Project Agricultural</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Improvement and Power District, Salt</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">River Project Electric System Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/38</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">17,207,871</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">17,885,859</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">30,848,989</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">California - 17.6%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">California,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">GO (Various Purpose)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4/1/31</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,800,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11,796,408</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">California,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">GO (Various Purpose)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4/1/33</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11,069,200</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><I><FONT size=2 face=Arial,Italic,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I></P>

<DIV align=left>

<TABLE style="HEIGHT: 1523px; WIDTH: 766px" cellSpacing=0 border=0>



<TR>

   <TD width="40%"></TD>

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

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

   <TD width="18%"></TD>

   <TD width="4%"></TD>

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments -</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">153.2% (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">California - 17.6% (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">California,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">GO (Various Purpose)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,353,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">California Statewide Communities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Development Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Bentley School)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,090,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,379,214</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">California Statewide Communities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Development Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Loma Linda University</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Medical Center)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/56</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,300,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,363,549</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">California Statewide Communities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Development Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Student Housing Revenue (CHF-Irvine,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">LLC-UCI East Campus Apartments,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Phase II) (Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5/15/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,126,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Sacramento County,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Airport System Subordinate and</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Passenger Facility Charges Grant</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,250,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,637,062</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">San Buenaventura,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Community Memorial Health</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">System)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/41</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,337,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">San Francisco City and County</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Redevelopment Agency Community</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Facilities District Number 6,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Tax Revenue (Mission Bay</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">South Public Improvements)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/1/23</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,121,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0369),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(California Educational Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Revenue (University of</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Southern California)) Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,100,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,815,383</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0379),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Los Angeles Department of Water and</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Power, Water System Revenue) Non-</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/20</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,576,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0434),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(The Regents of the University of</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">California, General Revenue) Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5/15/38</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11,276,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0440),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Los Angeles Department of Airports,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Revenue (Los Angeles</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">International Airport)) Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5/15/31</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,247,500</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,783,577</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Securitization Authority of</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Southern California,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds (San Diego County Tobacco Asset</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Securitization Corporation)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/37</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,300,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,978,508</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tuolumne Wind Project Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Tuolumne Company Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.88</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,820,635</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">92,435,856</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="41%"></TD>

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

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

   <TD width="19%"></TD>

   <TD width="4%"></TD>

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments -</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">153.2% (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Colorado - 4.8%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Colorado Educational and Cultural</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Facilities Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Charter School Revenue (American</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Academy Project) (Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,006,345</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Dominion Water and Sanitation District,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tap Fee Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/46</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,986,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0385),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Board of Governors of the Colorado</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">State University, System Enterprise</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue) Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3/1/20</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,300,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0433),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Colorado Springs, Utilities System</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Improvement Revenue) Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>11/15/43</FONT>&nbsp;&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9,750,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,991,662</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">25,284,787</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Connecticut - .5%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Connecticut Health and Educational</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Facilities Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Trinity Health Credit Group)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">2,739,750</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">District of Columbia - 5.2%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">District of Columbia Tobacco Settlement</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Financing Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">0.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/15/46</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">46,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,876,920</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0437),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(District of Columbia, Income Tax</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Secured Revenue) Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">19,997,609</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">22,458,909</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">27,335,829</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Florida - 7.2%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Cape Coral Health Facilities Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Housing Revenue (Gulf Care, Inc.</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.88</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,600,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,675,136</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Clearwater,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Water and Sewer Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/39</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,397,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Florida Development Finance Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Educational Facilities Revenue (Miami</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Arts Charter School Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/15/44</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,041,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Greater Orlando Aviation Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Airport Facilities Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/20</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,895,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Miami-Dade County,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Subordinate Special Obligation Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">0.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">833,340</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Mid-Bay Bridge Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Springing Lien Revenue (Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,451,880</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Saint Johns County Industrial Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Presbyterian Retirement</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Communities Project) (Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/1/20</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,441,395</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Village Community Development District</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Number 10,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Assessment Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5/1/44</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,133,440</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">37,869,671</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><I><FONT size=2 face=Arial,Italic,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I></P>

<DIV align=left>

<TABLE style="HEIGHT: 1483px; WIDTH: 772px" cellSpacing=0 border=0>



<TR>

   <TD width="40%"></TD>

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

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

   <TD width="18%"></TD>

   <TD width="4%"></TD>

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments -</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.959pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">153.2% (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Georgia - 5.3%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Atlanta,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Water and Wastewater Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Insured; Assured Guaranty Municipal</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corp.)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/34</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,371,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Atlanta,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Water and Wastewater Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Prerefunded)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,759,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Georgia Higher Education Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (USG Real Estate Foundation I,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">LLC Project) (Insured; Assured</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Guaranty Corp.) (Prerefunded)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.63</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/15/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,055,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,378,065</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0435),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Private Colleges and Universities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Revenue (Emory</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">University)) Recourse</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/43</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11,259,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">27,768,305</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Hawaii - .9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hawaii Department of Budget and Finance,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Purpose Revenue (Hawai'i</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Pacific Health Obligated Group)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,415,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">4,808,200</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Idaho - 1.0%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Power County Industrial Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">SWDR (FMC Corporation Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/1/32</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">5,008,350</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Illinois - 6.7%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Chicago,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">General Airport Third Lien Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Chicago O'Hare International Airport)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.63</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,581,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Illinois Toll Highway Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Toll Highway Senior Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,197,540</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Pier and Exposition</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (McCormick Place Expansion</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>12/15/28</FONT>&nbsp;&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,153,780</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Pier and Exposition</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (McCormick Place Expansion</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">0.00 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>12/15/51</FONT>&nbsp;&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">18,100,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,421,237</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Pier and Exposition</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (McCormick Place Expansion</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/15/52</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,540,290</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Pier and Exposition</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (McCormick Place Expansion</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/15/52</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,650,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,679,123</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Pier and Exposition</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (McCormick Place Expansion</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/15/53</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,594,010</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Railsplitter Tobacco Settlement Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/28</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,050,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,765,736</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="40%"></TD>

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

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

   <TD width="18%"></TD>

   <TD width="4%"></TD>

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments -</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">153.2% (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Illinois - 6.7% (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0378),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Greater Chicago Metropolitan Water</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Reclamation District, GO Capital</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Improvement Bonds) Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,255,925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">University of Illinois Board of Trustees,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Auxiliary Facilities System Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(University of Illinois)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4/1/44</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,076,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">35,265,891</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Indiana - .3%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Indiana Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Marquette Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3/1/39</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,400,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">1,417,066</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Iowa - 1.8%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Iowa Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Midwestern Disaster Area Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Iowa Fertilizer Company Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,375,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,313,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Authority of Iowa,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.60</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/34</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,990,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">9,303,640</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Kentucky - .5%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Louisville/Jefferson County Metro</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Government,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Health Facilities Revenue (Jewish</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hospital and Saint Mary's HealthCare,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Inc. Project) (Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.13</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,300,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">2,425,511</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Louisiana - 1.7%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Louisiana Local Government</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Environmental Facilities and</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Community Development Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Westlake Chemical</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corporation Projects)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/32</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,235,410</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New Orleans,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Sewerage Service Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,630,875</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">8,866,285</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Maine - .7%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Maine Health and Higher Educational</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Facilities Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Maine General Medical Center</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Issue)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/32</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">3,413,520</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Maryland - 2.6%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Maryland Health and Higher Educational</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Facilities Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Adventist HealthCare Issue)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/46</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,250,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,539,510</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0391),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Mayor and City Council of Baltimore,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project Revenue (Water Projects)) Non-</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,018,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">13,557,590</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Massachusetts - 7.3%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Massachusetts Health and Educational</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Facilities Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Suffolk University Issue)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/30</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,650,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,193,417</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><I><FONT size=2 face=Arial,Italic,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I></P>

<DIV align=left>

<TABLE style="HEIGHT: 1541px; WIDTH: 767px" cellSpacing=0 border=0>



<TR>

   <TD width="40%"></TD>

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

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

   <TD width="18%"></TD>

   <TD width="4%"></TD>

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments -</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">153.2% (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Massachusetts - 7.3% (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0368),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Massachusetts Development Finance</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Agency, Revenue (Harvard University</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Issue)) Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11,384,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0372),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Massachusetts, Consolidated Loan)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,600,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9,746,122</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0389),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Massachusetts School Building</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Senior Dedicated Sales Tax</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue) Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5/15/21</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11,189,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">38,513,639</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Michigan - 8.9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Detroit,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Water Supply System Senior Lien</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/31</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,218,280</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Great Lakes Water Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Sewage Disposal System Second Lien</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/36</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,272,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Kent Hospital Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Metropolitan Hospital</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,930,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,897,770</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">HR (Beaumont Health Credit Group)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/44</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,165,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,577,942</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Local Government Loan Program</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Detroit Water and Sewerage</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Department, Sewage Disposal System</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue Senior Lien Local Project</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds) (Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Municipal Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/31</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,238,440</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Local Government Loan Program</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Detroit Water and Sewerage</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Department, Water Supply System</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue Second Lien Local Project</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/34</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,168,460</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Local Government Loan Program</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Detroit Water and Sewerage</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Department, Water Supply System</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue Senior Lien Local Project</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds) (Insured; National Public</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Finance Guarantee Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/36</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,188,160</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan Hospital Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">HR (Henry Ford Health System)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.63 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>11/15/19</FONT>&nbsp;&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,580,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan Strategic Fund,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">SWDR (Genesee Power Station Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,980,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,831,048</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan Tobacco Settlement Finance</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.88</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/42</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,025,200</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="HEIGHT: 1450px; WIDTH: 765px" cellSpacing=0 border=0>



<TR>

   <TD width="41%"></TD>

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

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

   <TD width="18%"></TD>

   <TD width="4%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments -</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.959pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">153.2% (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Michigan - 8.9% (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan Tobacco Settlement Finance</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/48</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,565,040</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Royal Oak Hospital Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">HR (William Beaumont Hospital</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Obligated Group) (Prerefunded)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,131,620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">46,694,760</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Minnesota - 1.1%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Dakota County Community Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Agency,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">SFMR (Mortgage-Backed Securities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Program) (Collateralized: FHLMC,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.15</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/38</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">50,101</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">50,975</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Dakota County Community Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Agency,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">SFMR (Mortgage-Backed Securities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Program) (Collateralized: FHLMC,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.30</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/39</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">118,365</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">120,211</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Minneapolis,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Health Care System Revenue (Fairview</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Health Services) (Insured; Assured</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Guaranty Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.50 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>11/15/38</FONT>&nbsp;&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,190,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,523,189</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Minneapolis,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Health Care System Revenue (Fairview</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Health Services) (Insured; Assured</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Guaranty Corp.) (Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.50 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>11/15/18</FONT>&nbsp;&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">810,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">888,513</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">5,582,888</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Mississippi - 2.2%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Mississippi Business Finance Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">PCR (System Energy Resources, Inc.</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.88</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4/1/22</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,720,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,748,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Mississippi Development Bank,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Obligation Revenue (Magnolia</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Regional Health Center Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/31</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,679,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">11,427,950</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Missouri - .9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Saint Louis Land Clearance Redevelopment</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Annual Appropriation Redevelopment</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (National Geospatial-</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Intelligence Agency Site Improvements</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.13</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/46</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">4,907,350</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">New Jersey - 3.4%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Essex County Improvement Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">SWDR (Covanta Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">991,960</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New Jersey Economic Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">School Facilities Construction Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/15/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,250,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,307,655</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New Jersey Economic Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Facility Revenue (Continental</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Airlines, Inc. Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9/15/29</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,375,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,562,144</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><I><FONT size=2 face=Arial,Italic,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I></P>

<DIV align=left>

<TABLE style="HEIGHT: 1407px; WIDTH: 761px" cellSpacing=0 border=0>



<TR>

   <TD width="40%"></TD>

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

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

   <TD width="18%"></TD>

   <TD width="4%"></TD>

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments -</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">153.2% (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">New Jersey - 3.4% (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New Jersey Higher Education Student</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Assistance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Student Loan Revenue (Insured;</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Assured Guaranty Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.13</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/30</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,350,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,496,496</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New Jersey Transportation Trust Fund</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Transportation Program Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/15/33</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,542,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Financing Corporation</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">of New Jersey,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/41</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,816,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">17,717,120</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">New Mexico - 1.5%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Farmington,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">PCR (Public Service Company of New</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Mexico San Juan Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.90</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">7,641,760</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">New York - 10.8%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New York City Educational Construction</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Fund,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4/1/27</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,490,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,276,603</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New York City Industrial Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Agency,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">PILOT Revenue (Yankee Stadium</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project) (Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3/1/49</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,537,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New York Liberty Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (3 World Trade Center</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>11/15/44</FONT>&nbsp;&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,251,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New York Transportation Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Facility Revenue (American</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Airlines, Inc. John F. Kennedy</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">International Airport Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/1/26</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">516,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Niagara Area Development Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Solid Waste Disposal Facility Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Covanta Energy Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/42</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,024,090</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Port Authority of New York and New</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Jersey,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Project Bonds (JFK</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">International Air Terminal LLC Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/36</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,264,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0370),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(New York City Transitional Finance</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Future Tax Secured</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Subordinate Revenue) Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,646,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0438),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(New York City Transitional Finance</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Future Tax Secured</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Subordinate Revenue) Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/27</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,692,250</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="40%"></TD>

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

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

   <TD width="18%"></TD>

   <TD width="4%"></TD>

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments -</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">153.2% (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">New York - 10.8% (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0445),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(New York City Municipal Water</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Finance Authority, Water and Sewer</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">System General Resolution Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/15/39</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">20,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">21,396,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">56,605,843</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">North Carolina - .2%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">North Carolina Medical Care Commission,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Health Care Facilities First Mortgage</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Pennybryn at Maryfield)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,005,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">996,468</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Ohio - 9.9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Buckeye Tobacco Settlement Financing</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/47</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">14,690,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">13,708,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Butler County,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hospital Facilities Revenue (UC Health)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,850,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,298,256</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Canal Winchester Local School District,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">School Facilities Construction and</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Improvement and Advance Refunding</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds (GO - Unlimited Tax) (Insured;</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">National Public Finance Guarantee</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">0.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/29</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,955,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,661,003</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Canal Winchester Local School District,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">School Facilities Construction and</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Improvement and Advance Refunding</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds (GO - Unlimited Tax) (Insured;</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">National Public Finance Guarantee</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">0.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/31</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,955,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,479,231</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Muskingum County,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hospital Facilities Revenue (Genesis</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">HealthCare System Obligated Group</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2/15/22</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,590,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,963,993</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Ohio Air Quality Development Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Air Quality Revenue (Ohio Valley</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Electric Corporation Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.63</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,900,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,047,953</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Port of Greater Cincinnati Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tax Increment Development Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Fairfax Village Red Bank Infrastructure</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.63</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2/1/36</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,862,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0380),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Hamilton County, Sewer System</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Improvement Revenue (The</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Sewer District of Greater</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Cincinnati)) Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/33</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">17,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">19,109,870</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">52,131,026</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Oregon - .7%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Warm Springs Reservation Confederated</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tribes,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hydroelectric Revenue (Pelton Round</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Butte Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.38</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/33</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,300,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">3,553,374</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="40%"></TD>

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

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="4%"></TD>

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

<TR vAlign=bottom>

   <TD width="65%" colSpan=3 align=left><I><FONT size=2 face=Arial,Italic,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I>&nbsp;</TD>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments -</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.959pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">153.2% (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Pennsylvania - 1.9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Crawford County Hospital Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">HR (Meadville Medical Center Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/46</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,175,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,174,448</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Montgomery County Industrial</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Development Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Retirement Community Revenue (Adult</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Communities Total Services, Inc.</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Retirement - Life Communities, Inc.</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Obligated Group)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00 </FONT></TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face=Cambria>11/15/36</FONT>&nbsp;&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,350,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,448,928</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Philadelphia,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">GO</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/1/41</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,550,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,066,383</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0373),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Geisinger Authority, Health System</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Geisinger Health System))</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Non-recourse</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.13</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,245,160</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">9,934,919</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Rhode Island - 1.1%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Rhode Island Health and Educational</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Building Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hospital Financing Revenue (Lifespan</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Obligated Group Issue) (Insured;</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Assured Guaranty Corp.) (Prerefunded)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5/15/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">5,621,500</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">South Carolina - 7.2%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">South Carolina Public Service Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue Obligations (Santee Cooper)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Prerefunded)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9,205,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9,974,538</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0384),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(South Carolina Public Service</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Revenue Obligations (Santee</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Cooper)) Non-recourse</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.13</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/37</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">15,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">16,733,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0442),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Columbia, Waterworks and Sewer</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">System Revenue) Recourse</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11,030,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">37,738,488</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Tennessee - 4.6%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Government of Nashville and</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Davidson County Health and</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Educational Facilities Board,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (The Vanderbilt University)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Prerefunded)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,744,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0388),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Metropolitan Government of Nashville</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">and Davidson County, Water and Sewer</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue) Non-recourse</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,577,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0446),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Rutherford County Health and</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Educational Facilities Board, Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Ascension Health Senior Credit</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Group)) Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00 </FONT></TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face=Cambria>11/15/40</FONT>&nbsp;&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,801,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">24,123,300</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TR>

   <TD width="40%"></TD>

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

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

   <TD width="18%"></TD>

   <TD width="4%"></TD>

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments -</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.959pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">153.2% (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Texas - 12.9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Barclays Capital Municipal Trust Receipts</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 28 W),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Leander Independent School District,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Unlimited Tax School Building Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Permanent School Fund Guarantee</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Program)) Recourse</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/15/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,507,701</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9,158,844</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Central Texas Regional Mobility Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Lien Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,601,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Clifton Higher Education Finance</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Revenue (International</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Leadership of Texas)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/15/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,542,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Clifton Higher Education Finance</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Revenue (Uplift Education)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/30</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,743,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Clifton Higher Education Finance</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Revenue (Uplift Education)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/44</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,403,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Dallas Area Rapid Transit,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Lien Sales Tax Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Prerefunded)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,766,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Harris County Health Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Development Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">HR (Memorial Hermann Healthcare</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">System) (Prerefunded)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,222,460</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Harris County-Houston Sports Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Lien Revenue (Insured; Assured</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">0.00 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>11/15/50</FONT>&nbsp;&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,344,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Houston,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Combined Utility System First Lien</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>11/15/36</FONT>&nbsp;&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">295,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">325,370</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Houston,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Combined Utility System First Lien</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corp.) (Prerefunded)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5/15/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,705,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,195,779</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">North Texas Tollway Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">First Tier System Revenue (Insured;</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Assured Guaranty Corp.)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">965,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,004,980</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">North Texas Tollway Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">First Tier System Revenue (Insured;</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Assured Guaranty Corp.) (Prerefunded)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,035,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,314,722</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0377),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(San Antonio, Electric and Gas Systems</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Junior Lien Revenue) Non-recourse</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.039pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">16,750,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">18,659,667</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Texas Department of Housing and</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Community Affairs,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Home Mortgage Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Collateralized: FHLMC, FNMA and</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">GNMA)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.959pt" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12.98</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/2/24</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">150,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">f</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">157,446</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Texas Private Activity Bond Surface</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Transportation Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Lien Revenue (Blueridge</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Transportation Group, State Highway</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="40%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">288 Toll Lanes Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>12/31/50</FONT>&nbsp;&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,300,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,352,455</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="40%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">67,794,183</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="41%"></TD>

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

   <TD width="12%"></TD>

   <TD width="18%"></TD>

   <TD width="4%"></TD>

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

<TR vAlign=bottom>

   <TD width="64%" colSpan=3 align=left><I><FONT size=2 face=Arial,Italic,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I>&nbsp;</TD>

   <TD width="18%" align=left>&nbsp;</TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments -</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">153.2% (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Virginia - 2.9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Chesterfield County Economic</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Development Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Retirement Facilities First Mortgage</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Brandermill Woods Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.13</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/43</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,100,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,123,982</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Newport News Economic Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Residential Care Facilities Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(LifeSpire of Virginia)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/38</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,925,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,979,189</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0448),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Virginia Small Business Financing</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Health Care Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Sentara Healthcare))</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,831,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">14,934,971</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Washington - 3.9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Barclays Capital Municipal Trust Receipts</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 27 B),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(King County, Sewer Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/29</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,998,716</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,433,576</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts (Series</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">2016-XM0441),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(King County, Limited Tax GO (Payable</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">from Sewer Revenues)) Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.13</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/33</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,760,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Washington Health Care Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Mortgage Revenue (Highline Medical</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Center) (Collateralized; FHA)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,475,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,739,448</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Washington Housing Finance Commission,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Nonprofit Housing Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Presbyterian Retirement Communities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Northwest Projects)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/51</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,700,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,634,244</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">20,567,268</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">West Virginia - .3%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">The County Commission of Harrison</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">County,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">SWDR (Allegheny Energy Supply</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Company, LLC Harrison Station Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50 </FONT></TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face=Cambria>10/15/37</FONT>&nbsp;&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,750,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">1,734,233</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Wisconsin - 1.3%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Public Finance Authority of Wisconsin,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Lease Development Revenue (KU</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Campus Development Corporation -</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Central District Development Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3/1/46</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">6,626,100</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Wyoming - 1.0%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Wyoming Municipal Power Agency,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Power Supply System Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,360,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,464,005</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Wyoming Municipal Power Agency,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Power Supply System Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.38</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,750,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,867,755</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">5,331,760</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">U.S. Related - 1.7%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Guam,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="41%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">LOR (Section 30) (Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="12%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,233,960</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="38%"></TD>

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

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

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

   <TD width="3%"></TD>

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

   <TD width="3%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments -</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">153.2% (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">U.S. Related - 1.7% (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Guam Housing Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">SFMR (Guaranteed Mortgage-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Securities Program) (Collateralized;</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">FHLMC)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9/1/31</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">965,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,002,587</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Guam Waterworks Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Water and Wastewater System Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.63</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,125,400</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Puerto Rico Commonwealth,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Public Improvement GO (Insured;</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Assured Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,565,660</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">8,927,607</FONT></B></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#d9d9d9 colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Total Investments </FONT></B><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(cost $747,178,391)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">153.2</FONT></B></TD>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">802,561,157</FONT></B></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Liabilities, Less Cash and Receivables</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(26.0</FONT></B></TD>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">%)</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(136,084,845</FONT></B></TD>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Preferred Stock, at redemption value</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(27.2</FONT></B></TD>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">%)</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(142,500,000</FONT></B></TD>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 colSpan=2 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">100.0</FONT></B></TD>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">523,976,312</FONT></B></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR></TABLE></DIV>

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<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="99%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">a Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif"><EM>transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2016, these securities amounted</EM><FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif"><EM>to $340,146,701, or 64.92% of net assets applicable to Common Shareholders.</EM><FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">c Collateral for floating rate borrowings.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif"><EM>U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire</EM><FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif"><EM>the bonds in full at the earliest refunding date.</EM><FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">e Security issued with a zero coupon. Income is recognized through the accretion of discount.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">f Inverse floater security&#8212;the interest rate is subject to change periodically. Rate shown is the interest rate in effect at December 31,</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif"><EM>2016.</EM><FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" align=left></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS</FONT><BR><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>Dreyfus Strategic Municipals, Inc.</FONT><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>December 31, 2016 (Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">The following is a summary of the inputs used as of December 31, 2016 in valuing the fund&#8217;s investments:</FONT></P>

<DIV align=left>

<TABLE style="HEIGHT: 267px; WIDTH: 756px" cellSpacing=0 border=0>



<TR>

   <TD width="24%"></TD>

   <TD width="22%"></TD>

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

   <TD width="3%"></TD>

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

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

   <TD width="3%"></TD></TR>

<TR vAlign=bottom>

   <TD width="24%" align=left>&nbsp;</TD>

   <TD width="22%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="16%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Level 3 -</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="24%" align=left>&nbsp;</TD>

   <TD width="22%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Level 1 -</FONT>&nbsp;</TD>

   <TD width="16%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Level 2 - Other</FONT></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="16%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Significant</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="24%" align=left>&nbsp;</TD>

   <TD width="22%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Unadjusted Quoted</FONT>&nbsp;</TD>

   <TD width="16%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Significant</FONT></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="16%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Unobservable</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Prices </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right><FONT size=1 face=Cambria>Observable Inputs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Inputs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Total</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="24%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Assets ($)</FONT></B>&nbsp;</TD>

   <TD width="22%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="24%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Investments in Securities:</FONT>&nbsp;</TD>

   <TD width="22%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="24%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Municipal Bonds</FONT><SUP><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">&#8224;</FONT></SUP>&nbsp;</TD>

   <TD width="22%" align=right><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">-</FONT>&nbsp;</TD>

   <TD width="16%" align=right><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">802,561,157</FONT></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="16%" align=right><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">802,561,157</FONT></B></TD>

   <TD width="3%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="24%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Liabilities ($)</FONT></B>&nbsp;</TD>

   <TD width="22%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="24%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Floating Rate Notes</FONT><SUP><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">&#8224;&#8224;</FONT></SUP>&nbsp;</TD>

   <TD width="22%" align=right><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">-</FONT>&nbsp;</TD>

   <TD width="16%" align=right><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(139,574,397</FONT></TD>

   <TD width="3%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">)</FONT>&nbsp;</TD>

   <TD width="16%" align=right><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(139,574,397</FONT></B></TD>

   <TD width="3%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><I><FONT size=1 face="Agency FB,Arial,Helvetica,sans-serif">&#8224; </FONT></I><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">See Statement of Investments for additional detailed categorizations.</FONT></I><BR><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif"></FONT></I><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif"></FONT></I></P><I><FONT size=1 face="Agency FB,Arial,Helvetica,sans-serif">&#8224;<I><FONT size=1 face="Agency FB,Arial,Helvetica,sans-serif">&#8224;</FONT></I></FONT></I><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">Certain of the fund&#8217;s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.</FONT></I></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>NOTES</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">The Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">Codification is the exclusive reference of authoritative U.S. generally accepted</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">accounting principles (&#8220;GAAP&#8221;) recognized by the FASB to be applied by</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">nongovernmental entities. Rules and interpretive releases of the Securities and Exchange</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">Commission (&#8220;SEC&#8221;) under authority of federal laws are also sources of authoritative</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">GAAP for SEC registrants. The fund&#8217;s financial statements are prepared in accordance</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">with GAAP, which may require the use of management estimates and assumptions.</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">Actual results could differ from those estimates.</FONT><BR><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">The fair value of a financial instrument is the amount that would be received to sell an</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">asset or paid to transfer a liability in an orderly transaction between market participants</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">that prioritizes the inputs of valuation techniques used to measure fair value. This</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">hierarchy gives the highest priority to unadjusted quoted prices in active markets for</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">identical assets or liabilities (Level 1 measurements) and the lowest priority to</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">unobservable inputs (Level 3 measurements).</FONT><BR><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">Additionally, GAAP provides guidance on determining whether the volume and activity</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">in a market has decreased significantly and whether such a decrease in activity results in</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">transactions that are not orderly. GAAP requires enhanced disclosures around valuation</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">inputs and techniques used during annual and interim periods.</FONT><BR><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">Various inputs are used in determining the value of the fund&#8217;s investments relating to</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">fair value measurements. These inputs are summarized in the three broad levels listed</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">below:</FONT><BR><BR><B><FONT size=2 face="Garamond,Bold,Times New Roman,Times,serif">Level 1</FONT></B><FONT size=2 face="Garamond,Times New Roman,Times,serif">&#8212;unadjusted quoted prices in active markets for identical investments.</FONT><BR><BR><B><FONT size=2 face="Garamond,Bold,Times New Roman,Times,serif">Level 2</FONT></B><FONT size=2 face="Garamond,Times New Roman,Times,serif">&#8212;other significant observable inputs (including quoted prices for similar</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">investments, interest rates, prepayment speeds, credit risk, etc.).</FONT><BR><BR><B><FONT size=2 face="Garamond,Bold,Times New Roman,Times,serif">Level 3</FONT></B><FONT size=2 face="Garamond,Times New Roman,Times,serif">&#8212;significant unobservable inputs (including the fund&#8217;s own assumptions in</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">determining the fair value of investments).</FONT><BR><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">The inputs or methodology used for valuing securities are not necessarily an indication</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">of the risk associated with investing in those securities.</FONT><BR><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">Changes in valuation techniques may result in transfers in or out of an assigned level</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">within the disclosure hierarchy. Valuation techniques used to value the fund&#8217;s</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">investments are as follows:</FONT><BR><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">Investments in securities are valued each business day by an independent pricing service</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">(the &#8220;Service&#8221;) approved by the fund's Board Members (the "Board") Investments for</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">which quoted bid prices are readily available and are representative of the bid side of the</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">market in the judgment of the Service are valued at the mean between the quoted bid</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">prices (as obtained by the Service from dealers in such securities) and asked prices (as</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">calculated by the Service based upon its evaluation of the market for such securities).</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">Other investments (which constitute a majority of the portfolio securities) are carried at</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>NOTES</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">fair value as determined by the Service, based on methods which include consideration</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">of the following: yields or prices of municipal securities of comparable quality, coupon,</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">maturity and type; indications as to values from dealers; and general market conditions.</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">All of the preceding securities are generally categorized within Level 2 of the fair value</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">hierarchy.</FONT><BR><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">The Service is engaged under the general supervision of the Board.</FONT><BR><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">When market quotations or official closing prices are not readily available, or are</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">determined not to reflect accurately fair value, such as when the value of a security has</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">been significantly affected by events after the close of the exchange or market on which</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">the security is principally traded, but before the fund calculates its net asset value, the</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">fund may value these investments at fair value as determined in accordance with the</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">procedures approved by the Board. Certain factors may be considered when fair valuing</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">investments such as: fundamental analytical data, the nature and duration of restrictions</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">on disposition, an evaluation of the forces that influence the market in which the</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">securities are purchased and sold, and public trading in similar securities of the issuer or</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">comparable issuers. These securities are either categorized within Level 2 or 3 of the fair</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">value hierarchy depending on the relevant inputs used.</FONT><BR><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">For restricted securities where observable inputs are limited, assumptions about market</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">activity and risk are used and are generally categorized within Level 3 of the fair value</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">hierarchy.</FONT><BR><BR><B><FONT size=2 face="Garamond,Bold,Times New Roman,Times,serif">Inverse Floater Securities: </FONT></B><FONT size=2 face="Garamond,Times New Roman,Times,serif">The fund participates in secondary inverse floater</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">&#8220;Inverse Floater Trust&#8221;). The Inverse Floater Trust typically issues two variable rate</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">bonds. One of these variable rate securities pays interest based on a short-term floating</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">rate set by a remarketing agent at predetermined intervals (&#8220;Trust Certificates&#8221;). A</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">residual interest tax-exempt security is also created by the Inverse Floater Trust, which is</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">transferred to the fund, and is paid interest based on the remaining cash flows of the</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">Inverse Floater Trust, after payment of interest on the other securities and various</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">expenses of the Inverse Floater Trust. An inverse floater security may be collapsed</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">without the consent of the fund due to certain termination events such as bankruptcy,</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">default or other credit event.</FONT><BR><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">borrowings, with the securities transferred remaining in the fund&#8217;s investments, and the</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.</FONT><BR><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">The fund may invest in inverse floater securities on either a non-recourse or recourse</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">basis. These securities are typically supported by a liquidity facility provided by a bank or</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">other financial institution (the &#8220;Liquidity Provider&#8221;) that allows the holders of the Trust</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">Certificates to tender their certificates in exchange for payment from the Liquidity</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">Provider of par plus accrued interest on any business day prior to a termination event.</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>NOTES</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">Provider is required to make a payment under the liquidity facility due to a termination</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">typically liquidates all or a portion of the municipal securities held in the Inverse Floater</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">sale of the bonds in the Inverse Floater Trust (&#8220;Liquidation Shortfall&#8221;). When a fund</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">invests in inverse floater securities on a recourse basis, the fund typically enters into a</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">reimbursement agreement with the Liquidity Provider where the fund is required to</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">investing in a recourse inverse floater security bears the risk of loss with respect to any</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">Liquidation Shortfall.</FONT><BR><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">At December 31, 2016, accumulated net unrealized appreciation on investments was</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">$55,382,766, consisting of $59,176,580 gross unrealized appreciation and $3,793,814</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">gross unrealized depreciation.</FONT><BR><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">At December 31, 2016, the cost of investments for federal income tax purposes was</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">substantially the same as the cost for financial reporting purposes (see the Statement of</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">Investments).</FONT><BR><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">Additional investment related disclosures are hereby incorporated by reference to the</FONT><BR><FONT size=2 face="Garamond,Times New Roman,Times,serif">annual and semi-annual reports previously filed with the SEC on Form N-CSR.</FONT></P></DIV>

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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; Controls and Procedures.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><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="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><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; Exhibits.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><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></DIV>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 24pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">SIGNATURES<BR><BR></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><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"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=times>Dreyfus Strategic Municipals, Inc.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">/s/ Bradley J. Skapyak</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak</FONT></P>

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

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Date:&nbsp;&nbsp;&nbsp; February 14, 2017</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><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, 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>

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">/s/ Bradley J. Skapyak</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak</FONT></P>

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

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Date:&nbsp;&nbsp;&nbsp; February 14, 2017</FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">/s/ James Windels</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James Windels</FONT></P>

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

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Date:&nbsp;&nbsp;&nbsp; February 14, 2017</FONT></P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" 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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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" 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; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">1.&nbsp; I have reviewed this report on Form N-Q of </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=times>Dreyfus Strategic Municipals, Inc.</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">;</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: 13.5pt; 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 13.5pt"><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>

<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">/s/ Bradley J. Skapyak</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:&nbsp;&nbsp;&nbsp; February 14, 2017</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" 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, James Windels, certify that:</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">1.&nbsp; I have reviewed this report on Form N-Q of </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=times>Dreyfus Strategic Municipals, Inc.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 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: 13.5pt; 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 13.5pt"><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>

<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">/s/ James Windels</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James Windels</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:&nbsp;&nbsp;&nbsp; February 14, 2017</FONT></P></DIV>

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