<SEC-DOCUMENT>0000818972-18-000002.txt : 20180220
<SEC-HEADER>0000818972-18-000002.hdr.sgml : 20180220
<ACCEPTANCE-DATETIME>20180220085104
ACCESSION NUMBER:		0000818972-18-000002
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180220
DATE AS OF CHANGE:		20180220
EFFECTIVENESS DATE:		20180220

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:		18623214

	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>lp1853.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 New Roman">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 New Roman">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; 12/31/17</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, 2017 (Unaudited)</FONT></P>

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

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

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

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

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

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

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

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

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

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   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 157.9%</FONT></B>&nbsp;</TD>

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   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Alabama - 3.1%</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: 7.199pt" 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: 7.199pt" 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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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.199pt" 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">5,562,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Birmingham Special Care 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Financing 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Improvement Revenue (Methodist</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: 7.199pt" 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">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/50</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">1,126,400</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: 7.199pt" 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">2,092,025</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: 7.199pt" 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">7,841,040</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">16,622,365</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 - 2.0%</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">10,875,337</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 - 6.5%</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">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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">1,060,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,068,989</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Arizona 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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Revenue, Refunding (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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">School 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">7/1/51</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,380,000</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">1,441,520</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">1,042,140</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</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">2,483,404</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</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">2,087,580</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Pima 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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Revenue (American</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Leadership Academy 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">6/15/47</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,240,000</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">4,253,314</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 cellSpacing=0 border=0>



<TR>

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

   <TD width="12%"></TD>

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

   <TD width="17%"></TD>

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 colSpan=3 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 157.9% (continued)</FONT></B>&nbsp;</TD>

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

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

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" 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">Arizona - 6.5% (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">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: 7.199pt" 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">5,051,041</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0447), 1/1/38,</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">17,207,871</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">34,635,859</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 - 16.2%</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">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: 7.199pt" 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">11,356,632</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: 7.199pt" 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">10,625,400</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: 7.199pt" 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">8,110,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">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: 7.199pt" 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: 7.199pt" 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">2,314,759</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">6,388,312</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: 7.199pt" 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: 7.199pt" 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">2,289,940</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">1,130,130</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0369), 10/1/39,</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">10,385,880</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0379), 7/1/43,</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">5,614,800</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0434), 5/15/38,</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: 7.199pt" 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: 7.199pt" 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">11,396,100</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0440), 5/15/31,</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">5,629,333</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

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

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

   <TD width="12%"></TD>

   <TD width="17%"></TD>

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

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

<TR vAlign=bottom>

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

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

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

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

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

   <TD style="BORDER-TOP: #000000 1px solid" 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">Description</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 colSpan=3 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 157.9% (continued)</FONT></B>&nbsp;</TD>

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

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

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" 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">California - 16.2% (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">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: 7.199pt" 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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds (San Diego County Tobacco</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Asset 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">7,316,717</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: 7.199pt" 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: 7.199pt" 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">3,655,190</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">86,213,543</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">Colorado - 4.8%</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">Colorado Educational and Cultural</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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Charter School Revenue (American</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Academy Project) (Prerefunded)</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/18</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">3,772,055</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Dominion Water and Sanitation 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tap Fee 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">12/1/46</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>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,095,960</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0385), 3/1/38,</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">State University, System Enterprise</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue) 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">3/1/20</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">8,462,400</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0433), 11/15/43,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Colorado Springs, Utilities 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Improvement 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">11/15/43</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9,750,000</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">11,143,372</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">25,473,787</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">Connecticut - 1.0%</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">Connecticut 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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 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 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">12/1/45</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>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,881,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Harbor Point Infrastructure Improvement</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Obligation Revenue, 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Harbor Point 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">4/1/39</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">2,203,520</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">5,085,220</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">District of Columbia - 5.3%</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">District of Columbia Tobacco Settlement</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Financing 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: 7.199pt" 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: 7.199pt" 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">0.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/15/46</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">38,500,000</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">5,604,060</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0437), 12/1/35,</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Secured 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">12/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">19,997,609</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">22,538,509</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">28,142,569</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">Florida - 7.0%</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">Cape Coral Health 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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" 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">5.88</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">1,600,000</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">1,737,584</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 cellSpacing=0 border=0>



<TR>

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

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

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

   <TD width="17%"></TD>

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

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

<TR vAlign=bottom>

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

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

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

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

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

   <TD style="BORDER-TOP: #000000 1px solid" 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">Description</FONT>&nbsp;</TD>

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

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

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

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

   <TD 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 colSpan=3 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 157.9% (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></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Florida - 7.0% (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">Clearwater,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Water and Sewer 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: 7.199pt" 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">5.25</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">5,000,000</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">5,341,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Florida Development Finance</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Educational Facilities Revenue (Miami</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Arts Charter School Project)</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">6/15/44</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</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,845,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Greater Orlando Aviation 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Airport Facilities Revenue</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">10/1/20</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,618,480</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Miami-Dade 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Subordinate Special Obligation</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: 7.199pt" 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">0.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/45</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">e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,010,730</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Mid-Bay Bridge 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Springing Lien Revenue (Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/21</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><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">7,157,040</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Saint Johns County Industrial</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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Presbyterian Retirement</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Communities Project) (Prerefunded)</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">8/1/20</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,500,000</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">7,198,425</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Village Community Development 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Number 10,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Assessment 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">5/1/44</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">1,178,450</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">37,087,159</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">Georgia - 5.1%</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">Atlanta,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Water and Wastewater 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Insured; Assured Guaranty Municipal</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: 7.199pt" 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">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/34</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,445,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,533,391</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Atlanta,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Water and Wastewater 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Insured; Assured Guaranty Municipal</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corp.) (Prerefunded)</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">11/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,555,000</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">2,724,652</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Atlanta,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Water and Wastewater 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: 7.199pt" 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">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/19</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><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">6,479,160</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Georgia Higher Education 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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">LLC Project) (Insured; Assured</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Guaranty Corp. ) (Prerefunded)</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">6/15/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,055,000</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">5,150,186</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0435), 10/1/43,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Private Colleges and Universities</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Revenue (Emory</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">University)) 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">10/1/43</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">11,389,350</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">27,276,739</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

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

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

   <TD width="12%"></TD>

   <TD width="17%"></TD>

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

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

<TR vAlign=bottom>

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

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

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

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

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

   <TD style="BORDER-TOP: #000000 1px solid" 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">Description</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 colSpan=3 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 157.9% (continued)</FONT></B>&nbsp;</TD>

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

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

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" 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">Hawaii - 1.4%</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">Hawaii Department of Budget 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Finance,</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Pacific Health Obligated Group)</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">7/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,415,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,797,427</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hawaii Department of Budget 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Finance,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Purpose Revenue (Hawaiian</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Electric Company)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3/1/37</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>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,615,525</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">7,412,952</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">Idaho - .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">Power 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">SWDR (FMC Corporation Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/1/32</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><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">5,019,000</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">Illinois - 11.5%</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">Chicago,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">GO (Project and Refunding Series)</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">1/1/38</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><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,474,090</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Chicago Board of Education,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">GO</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">12/1/36</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">2,064,620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Chicago O'Hare International Airport,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (General Airport Third Lien)</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">1/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,015,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,118,002</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Chicago O'Hare International Airport,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (General Airport Third Lien)</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: 7.199pt" 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">5.63</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,985,000</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">4,447,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Illinois,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">GO</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">11/1/27</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,400,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,737,688</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Illinois,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">GO</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">12/1/39</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,400,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,641,332</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Pier and Exposition</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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Dedicated Tax Revenue (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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Appreciation-McCormick Place</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Expansion Project) (Insured; MBIA</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Insurance Corporation)</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">12/15/36</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">e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,099,925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Pier and Exposition</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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (McCormick Place Expansion</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: 7.199pt" 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">12/15/28</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><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,235,170</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Pier and Exposition</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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (McCormick Place Expansion</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: 7.199pt" 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">0.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/15/51</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">18,100,000</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">3,621,448</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Pier and Exposition</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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (McCormick Place Expansion</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: 7.199pt" 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">6/15/52</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,650,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,733,094</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Pier and Exposition</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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (McCormick Place Expansion</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: 7.199pt" 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">6/15/53</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">3,768,380</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</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 cellSpacing=0 border=0>



<TR>

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

   <TD width="12%"></TD>

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

   <TD width="17%"></TD>

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

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

<TR vAlign=bottom>

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

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

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

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

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

   <TD style="BORDER-TOP: #000000 1px solid" 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">Description</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 colSpan=3 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 157.9% (continued)</FONT></B>&nbsp;</TD>

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

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

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" 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">Illinois - 11.5% (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">Railsplitter Tobacco Settlement</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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement 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: 7.199pt" 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">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,050,000</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">5,763,009</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0378), 12/1/32,</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">8,320,387</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2017-XM0492), 10/1/40,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Illinois Finance Authority, 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(The University of Chicago)) 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: 7.199pt" 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">10/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12,000,000</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">13,792,050</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: 7.199pt" 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: 7.199pt" 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">1,109,470</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">60,925,845</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: 7.199pt" 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">1,471,176</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 - 1.9%</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">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: 7.199pt" 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: 7.199pt" 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">7,863,741</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: 7.199pt" 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: 7.199pt" 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">2,012,180</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">9,875,921</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 - 1.1%</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue, Refunding (Westlake</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Chemical Corporation Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3.50</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">5,500,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,552,690</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: 7.199pt" 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">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">573,510</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">6,126,200</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 - .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">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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Maine General Medical</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Center 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">3,411,600</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: 7.199pt" 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: 7.199pt" 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">3,766,880</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

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

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

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

   <TD width="17%"></TD>

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

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

<TR vAlign=bottom>

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

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

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

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

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

   <TD style="BORDER-TOP: #000000 1px solid" 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">Description</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 colSpan=3 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 157.9% (continued)</FONT></B>&nbsp;</TD>

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

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

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" 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">Maryland - 2.6% (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">Tender Option Bond Trust Receipts</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0391), 7/1/42,</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">10,119,780</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">13,886,660</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 Development Finance</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Agency,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue, Refunding (NewBridge</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Charles)</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">10/1/57</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">1,083,340</FONT>&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: 7.199pt" 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: 7.199pt" 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">2,065,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,207,836</FONT>&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: 7.199pt" 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: 7.199pt" 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=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: 7.199pt" 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">6.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,585,000</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">3,829,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0368), 2/1/34,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Massachusetts Development Finance</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Agency, Revenue (Harvard 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Issue)) 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">8/11/18</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">11,058,825</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0372), 4/1/27,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Massachusetts, Consolidated Loan)</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">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">4/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,600,000</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">9,485,133</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0389), 5/15/43,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Massachusetts School Building</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue) 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">5/15/21</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">11,220,500</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">38,885,274</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">Michigan - 8.2%</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">Detroit,</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" 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">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/31</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><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,220,320</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Great Lakes Water 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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" 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">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/36</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>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,403,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan 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: 7.199pt" bgColor=#d9d9d9 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 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">11/1/44</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,165,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,805,563</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Local Government Loan Program</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Department, Sewage Disposal 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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds) (Insured; Assured Guaranty</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">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">7/1/31</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">2,285,140</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 cellSpacing=0 border=0>



<TR>

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

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

   <TD width="12%"></TD>

   <TD width="17%"></TD>

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

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

   <TD style="BORDER-TOP: #000000 1px solid" 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">Description</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 colSpan=3 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 157.9% (continued)</FONT></B>&nbsp;</TD>

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

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

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" 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">Michigan - 8.2% (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">Michigan 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Local Government Loan Program</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Department, Water Supply 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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" 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">7/1/34</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">2,259,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Local Government Loan Program</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Department, Water Supply 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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds) (Insured; National Public</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Finance Guarantee 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">7/1/36</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">2,218,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan Hospital 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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" 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">5.63</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/15/19</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">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,363,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan Strategic Fund,</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: 7.199pt" bgColor=#d9d9d9 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 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">1/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,340,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,280,933</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan Tobacco Settlement Finance</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">6.88</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/42</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">5,046,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan Tobacco Settlement Finance</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/48</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,999,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">HR (William Beaumont Hospital</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Obligated Group) (Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,500,000</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">5,745,410</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">43,629,526</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">Minnesota - 1.0%</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">Dakota County Community 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Agency,</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">5.15</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/38</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">33,787</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">33,804</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Dakota County Community 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Agency,</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">5.30</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/39</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">64,366</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">64,421</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Minneapolis,</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Health Services) (Insured; Assured</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Guaranty Corp. )</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">11/15/38</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,190,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,377,461</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Minneapolis,</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Health Services) (Insured; Assured</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Guaranty Corp. ) (Prerefunded)</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">11/15/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">810,000</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">845,008</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">5,320,694</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

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   <TD width="12%"></TD>

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

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

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

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

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

   <TD style="BORDER-TOP: #000000 1px solid" 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">Description</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 colSpan=3 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 157.9% (continued)</FONT></B>&nbsp;</TD>

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

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

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" 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">Mississippi - 2.1%</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">Mississippi Business Finance</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" 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">5.88</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4/1/22</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,720,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,736,130</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Mississippi Development Bank,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Obligation Revenue (Magnolia</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Regional Health Center Project)</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">10/1/31</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">5,464,850</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">11,200,980</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">Missouri - 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">Saint Louis County Industrial</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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tax Increase Financing Revenue (Saint</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Louis Innovation District Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4.38</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5/15/36</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">3,515,295</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Saint Louis Land Clearance</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Redevelopment 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Annual Appropriation Redevelopment</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (National Geospatial-</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Intelligence Agency Site Improvements</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: 7.199pt" 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">5.13</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">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">5,508,600</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">9,023,895</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">New Jersey - 4.3%</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">Essex County Improvement 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">SWDR (Covanta 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">7/1/45</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">1,008,590</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 Jersey Economic 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: 7.199pt" 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: 7.199pt" 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">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/15/27</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,562,400</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 Jersey Economic 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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">School Facilities Construction Revenue</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">6/15/40</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">3,584,230</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 Jersey Economic 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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Facility Revenue (Continental</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Airlines, Inc. 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">9/15/29</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,375,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,721,073</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 Jersey Higher Education Student</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Assistance 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Student Loan Revenue (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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Assured Guaranty Corp.)</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">6/1/30</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,860,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,902,871</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 Jersey Transportation Trust Fund</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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Transportation Program Revenue</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">6/15/33</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">1,679,160</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 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corporation of New Jersey,</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: 7.199pt" 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: 7.199pt" 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">6/1/41</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,500,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,359,090</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">22,817,414</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">New Mexico - 1.4%</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">Farmington,</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Mexico San Juan Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.90</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">7,000,000</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">7,601,370</FONT></B>&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 cellSpacing=0 border=0>



<TR>

   <TD width="40%"></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 style="BORDER-TOP: #000000 1px solid" bgColor=#d9d9d9 align=left>&nbsp;</TD>

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

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

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

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

   <TD style="BORDER-TOP: #000000 1px solid" 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">Description</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 colSpan=3 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 157.9% (continued)</FONT></B>&nbsp;</TD>

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

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

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" 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">New York - 12.0%</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">New York City Educational Construction</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Fund,</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: 7.199pt" 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">6.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4/1/27</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,490,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,148,952</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 York City 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Agency,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">PILOT Revenue (Yankee Stadium</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project) (Insured; Assured Guaranty</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: 7.199pt" 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">7.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3/1/49</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">5,303,850</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 York Convention 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Development 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Lien Revenue (Hotel Unit Fee</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Secured)</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">11/15/47</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,800,000</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">2,363,340</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 York Liberty 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" 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">11/15/44</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><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">7,626,780</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 York Transportation 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Facility Revenue (American</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">International Airport 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">8/1/26</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">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">538,075</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 York Transportation 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Facility Revenue (LaGuardia</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Airport Terminal B Redevelopment</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: 7.199pt" 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">7/1/46</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">3,849,510</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Niagara Area Development 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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Covanta Energy 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">11/1/42</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">3,002,160</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 Authority of New York and New</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Jersey,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Project Bonds (JFK</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: 7.199pt" bgColor=#d9d9d9 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 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">12/1/36</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">2,228,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tender Option Bond Trust Receipts</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0370), 11/1/25,</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Future Tax Secured</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Subordinate Revenue) 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">11/1/18</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">5,480,313</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0438), 11/1/27,</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Future Tax Secured</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Subordinate Revenue) Recourse</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">11/1/27</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">5,520,675</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0445), 6/15/39,</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">20,870,320</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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<TR>

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

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

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

   <TD width="17%"></TD>

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

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

   <TD style="BORDER-TOP: #000000 1px solid" 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">Description</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 colSpan=3 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 157.9% (continued)</FONT></B>&nbsp;</TD>

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

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

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" 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">New York - 12.0% (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">TSASC, Inc. of New York,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Subordinate 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">6/1/48</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">2,005,900</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">63,937,995</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: 7.199pt" 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: 7.199pt" 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">1,065,059</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 - 11.6%</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">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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">0.00</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">19,800,000</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">1,306,206</FONT>&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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">14,690,294</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: 7.199pt" 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=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: 7.199pt" 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">5.50</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,594,442</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: 7.199pt" 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=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: 7.199pt" 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">5.50</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,490,000</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">1,642,591</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">2,806,784</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">2,588,706</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Cuyahoga County Hospital,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (The Metrohealth System)</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">2/15/57</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">2,154,620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hamilton 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Healthcare Improvement Revenue (Life</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Enriching Communities 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">1/1/51</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">2,168,440</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">4,970,649</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: 7.199pt" 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: 7.199pt" 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">1,964,049</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Pratt Paper LLC Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/15/48</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,250,000</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">2,363,085</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 cellSpacing=0 border=0>



<TR>

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

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

   <TD width="12%"></TD>

   <TD width="17%"></TD>

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

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

<TR vAlign=bottom>

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

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

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

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

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

   <TD style="BORDER-TOP: #000000 1px solid" 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">Description</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 colSpan=3 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 157.9% (continued)</FONT></B>&nbsp;</TD>

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

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

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" 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">Ohio - 11.6% (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">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: 7.199pt" 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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Fairfax Village Red Bank</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Infrastructure 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">3,069,660</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0380), 12/1/38,</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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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">19,358,580</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">61,678,106</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 - 1.0%</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">Clackmas County Hospital Facility</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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue, Refunding (Senior Living-</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Willamette View 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">11/15/52</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">1,586,100</FONT>&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: 7.199pt" 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: 7.199pt" 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: 7.199pt" 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><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,491,631</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">5,077,731</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">Pennsylvania - 1.6%</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">Crawford County Hospital 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">HR (Meadville Medical Center Project)</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">6/1/46</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,175,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,262,714</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Philadelphia,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">GO (Prerefunded)</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">8/1/20</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,550,000</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">3,976,000</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0373), 6/1/41,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Geisinger Authority, Health 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Geisinger Health 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.13</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/35</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,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,256,740</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">8,495,454</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">Rhode Island - 1.0%</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">Rhode Island 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Building 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hospital Financing Revenue (Lifespan</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Obligated Group Issue) (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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Assured Guaranty Corp.) (Prerefunded)</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">5/15/19</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">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">5,371,900</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">South Carolina - 7.0%</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">South Carolina Public Service 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue Obligations (Santee Cooper)</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: 7.199pt" 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">5.50</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">9,205,000</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">9,557,736</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0384), 12/1/43,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(South Carolina Public Service</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Revenue Obligations (Santee</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Cooper)) Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.13</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">15,000,000</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">16,799,175</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

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

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

   <TD width="12%"></TD>

   <TD width="17%"></TD>

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

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

<TR vAlign=bottom>

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

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

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

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

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

   <TD style="BORDER-TOP: #000000 1px solid" 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">Description</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 colSpan=3 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 157.9% (continued)</FONT></B>&nbsp;</TD>

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

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

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" 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">South Carolina - 7.0% (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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0442), 2/1/40,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Columbia, Waterworks 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">System 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">2/1/40</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">10,666,280</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">37,023,191</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">Tennessee - 4.4%</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">Metropolitan Government of Nashville</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">and Davidson County Health 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Educational Facilities Board,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (The Vanderbilt 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: 7.199pt" 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">5.50</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">7,000,000</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">7,475,160</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0388), 7/1/40,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Metropolitan Government of Nashville</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue) 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">7/1/21</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">5,648,275</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0446), 11/15/40,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Rutherford County Health 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Educational Facilities Board, 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Ascension Health Senior Credit</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Group)) 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">11/15/40</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">10,528,200</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">23,651,635</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">Texas - 11.5%</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">Central Texas Regional Mobility</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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Lien 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">1/1/45</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">1,694,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Clifton Higher Education Finance</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Revenue (International</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Leadership of Texas)</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">8/15/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,500,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,850,055</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Clifton Higher Education Finance</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Revenue (Uplift Education)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/44</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>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,570,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Clifton Higher Education Finance</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Revenue (Uplift Education)</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: 7.199pt" 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">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/20</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">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,798,725</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Dallas Area Rapid Transit,</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" 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">5.25</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,332,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Harris County Health 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Development 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">HR (Memorial Hermann 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">System) (Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/18</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">2,101,580</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Guaranty Municipal 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">11/15/50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,500,000</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">1,503,450</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>

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

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

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

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

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

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

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

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

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

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

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

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

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   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 colSpan=3 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 157.9% (continued)</FONT></B>&nbsp;</TD>

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

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

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   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Texas - 11.5% (continued)</FONT></B>&nbsp;</TD>

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

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

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

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   <TD style="TEXT-INDENT: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Insured; Assured Guaranty</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: 7.199pt" 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">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/15/36</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">295,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">312,762</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">Houston,</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Insured; Assured Guaranty</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>

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   <TD style="TEXT-INDENT: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corp.) (Prerefunded)</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">5/15/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,705,000</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">4,984,948</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">North Texas Tollway 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>

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   <TD style="TEXT-INDENT: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Assured Guaranty Corp.)</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">1/1/40</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">965,000</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</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>

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   <TD style="TEXT-INDENT: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0377), 2/1/43,</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Junior Lien Revenue) 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">2/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">16,750,000</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">18,682,364</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2017-XF2422), 8/15/40,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Leander Independent 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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Permanent School Fund 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>

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   <TD style="TEXT-INDENT: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Program)) 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">8/15/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,507,701</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">8,957,923</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Community Affairs,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Home Mortgage 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Collateralized: FHLMC, FNMA 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">GNMA)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12.12</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/2/24</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">50,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">51,803</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Transportation 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Lien Revenue (Blueridge</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Transportation Group, State Highway</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">288 Toll Lanes 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">12/31/50</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,441,648</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">61,248,148</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">Virginia - 3.5%</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">Chesterfield County Economic</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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Retirement 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Brandermill Woods Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.13</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/43</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,100,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,184,840</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0448), 11/1/40,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Virginia Small Business 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Health Care 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Sentara 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: 7.199pt" 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">11/1/40</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">10,714,075</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Virginia Small Business 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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Private Activity Revenue (Transform 66</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">P3 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">12/31/56</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">5,601,250</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">18,500,165</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="17%"></TD>

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

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

<TR vAlign=bottom>

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

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

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

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

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

   <TD style="BORDER-TOP: #000000 1px solid" 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">Description</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 colSpan=3 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 157.9% (continued)</FONT></B>&nbsp;</TD>

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

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

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" 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">Washington - 4.1%</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2016-XM0441), 1/1/33,</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: 7.199pt" bgColor=#d9d9d9 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 align=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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">from Sewer Revenues)) Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.13</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/33</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><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">10,358,240</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</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 2017-XF2423), 1/1/29,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(King County, Server 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: 7.199pt" 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">1/1/29</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,998,716</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">4,368,676</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Washington Health Care 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: 7.199pt" 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Mortgage Revenue (Highline Medical</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Center) (Collateralized; FHA)</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: 7.199pt" 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">6.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,475,000</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">3,564,864</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Washington Housing Finance</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Nonprofit Housing 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Presbyterian Retirement 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Northwest 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">1/1/46</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><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">1,592,580</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Washington Housing Finance</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Nonprofit Housing 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Presbyterian Retirement 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Northwest 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">1/1/51</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,700,000</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">1,798,396</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">21,682,756</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">West Virginia - .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">The County Commission of Harrison</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">SWDR (Allegheny Energy Supply</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: 7.199pt" bgColor=#d9d9d9 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 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">10/15/37</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,750,000</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">1,752,310</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">Wisconsin - .4%</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">Public 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Denver International Airport</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Great Hall 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">9/30/49</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">1,140,590</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Public 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Living Revenue (Mary's Woods</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">At Marylhurst 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">5/15/47</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">750,000</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">819,465</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">1,960,055</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">Wyoming - .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">Wyoming Municipal Power Agency,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Power Supply 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: 7.199pt" 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">5.50</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,360,000</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">1,360,000</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">U.S. Related - 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">Guam,</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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">LOR (Section 30) (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">12/1/19</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">2,154,400</FONT>&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></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.199pt" 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></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.199pt" 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></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.199pt" 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">1,000,242</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 cellSpacing=0 border=0>



<TR>

   <TD width="38%"></TD>

   <TD width="12%"></TD>

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

   <TD width="14%"></TD>

   <TD width="3%"></TD>

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

   <TD width="3%"></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

   <TD style="BORDER-TOP: #000000 1px solid" 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">Description</FONT>&nbsp;</TD>

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

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

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

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

   <TD 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 style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 colSpan=3 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 157.9% (continued)</FONT></B>&nbsp;</TD>

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

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

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

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" 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 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: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Water and Wastewater 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>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.199pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Prerefunded)</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">7/1/20</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">2,194,020</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: 7.199pt" 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: 7.199pt" 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">3,581,760</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">8,930,422</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">Total Investments </FONT></B><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(cost $776,147,219)</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">157.9</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">839,756,012</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">(31.1</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">(165,336,394</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">(26.8</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">531,919,618</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 style="TEXT-INDENT: 10.8pt" align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">to $361,432,594, or 67.95% of net assets applicable to Common Shareholders.</FONT></I>&nbsp;</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 style="TEXT-INDENT: 10.8pt" align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">the bonds in full at the earliest refunding date.</FONT></I>&nbsp;</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 style="TEXT-INDENT: 10.8pt" align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">2017.</FONT></I>&nbsp;</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, 2017 (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, 2017 in valuing the fund&#8217;s investments:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 156px"></TD>

   <TD style="WIDTH: 104px"></TD>

   <TD style="WIDTH: 97px"></TD>

   <TD style="WIDTH: 16px"></TD>

   <TD style="WIDTH: 92px"></TD>

   <TD style="WIDTH: 120px"></TD>

   <TD style="WIDTH: 16px"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 156px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 104px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 97px" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Level 2 - Other</FONT></TD>

   <TD style="WIDTH: 16px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 92px" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Level 3 -</FONT>&nbsp;</TD>

   <TD style="WIDTH: 120px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 16px" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 156px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 104px" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Level 1 -</FONT>&nbsp;</TD>

   <TD style="WIDTH: 97px" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Significant</FONT></TD>

   <TD style="WIDTH: 16px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 92px" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Significant</FONT>&nbsp;</TD>

   <TD style="WIDTH: 120px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 16px" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 156px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 104px" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Unadjusted</FONT>&nbsp;</TD>

   <TD style="WIDTH: 97px" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Observable</FONT></TD>

   <TD style="WIDTH: 16px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 92px" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Unobservable</FONT>&nbsp;</TD>

   <TD style="WIDTH: 120px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 16px" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 156px; BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="WIDTH: 104px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Quoted Prices</FONT>&nbsp;</TD>

   <TD style="WIDTH: 97px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Inputs</FONT></TD>

   <TD style="WIDTH: 16px; BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="WIDTH: 92px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Inputs</FONT>&nbsp;</TD>

   <TD style="WIDTH: 120px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Total</FONT></TD>

   <TD style="WIDTH: 16px; BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 156px; TEXT-INDENT: 0pt" align=left><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">Assets ($)</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 104px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 97px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 16px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 92px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 120px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 16px" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 156px" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Investments in Securities:</FONT>&nbsp;</TD>

   <TD style="WIDTH: 104px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 97px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 16px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 92px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 120px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 16px" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 156px" 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 style="WIDTH: 104px" align=right><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">-</FONT>&nbsp;</TD>

   <TD style="WIDTH: 97px" align=right><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">839,756,012</FONT></TD>

   <TD style="WIDTH: 16px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 92px" align=right><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">-</FONT>&nbsp;</TD>

   <TD style="WIDTH: 120px" align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">839,756,012</FONT></B></TD>

   <TD style="WIDTH: 16px" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 156px; TEXT-INDENT: 0pt" align=left><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">Liabilities ($)</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 104px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 97px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 16px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 92px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 120px" align=left>&nbsp;</TD>

   <TD style="WIDTH: 16px" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 156px" 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 style="WIDTH: 104px" align=right><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">-</FONT>&nbsp;</TD>

   <TD style="WIDTH: 97px" align=right><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(174,599,397</FONT></TD>

   <TD style="WIDTH: 16px" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 92px" align=right><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">-</FONT>&nbsp;</TD>

   <TD style="WIDTH: 120px" align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(174,599,397</FONT></B></TD>

   <TD style="WIDTH: 16px" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

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

   <TD width="97%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face="Agency FB,Arial,Helvetica,sans-serif">&#8224;</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">See Statement of Investments for additional detailed categorizations.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><SUP><FONT size=1 face="Agency FB,Arial,Helvetica,sans-serif">&#8224;&#8224;</FONT></SUP></I>&nbsp;</TD>

   <TD align=left><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>&nbsp;</TD></TR></TABLE></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 Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (&#8220;SEC&#8221;) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund&#8217;s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.</FONT></P>

<P style="TEXT-ALIGN: left"><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 asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.</FONT></P>

<P style="TEXT-ALIGN: left"><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 fair value measurements. These inputs are summarized in the three broad levels listed below: </FONT></P>

<P style="TEXT-ALIGN: left"><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></P>

<P style="TEXT-ALIGN: left"><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 investments, interest rates, prepayment speeds, credit risk, etc.).</FONT></P>

<P style="TEXT-ALIGN: left"><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 determining the fair value of investments).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</FONT></P>

<P style="TEXT-ALIGN: left"><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 within the disclosure hierarchy. Valuation techniques used to value the fund&#8217;s investments are as follows: Investments in securities are valued each business day by an independent pricing service (the &#8220;Service&#8221;) approved by the fund's Board Members (the &#8220;Board&#8221;) Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at</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 of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">The Service is engaged under the general supervision of the Board.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">When market quotations or official closing prices are not readily available, or are determined to not accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.</FONT></P>

<P style="TEXT-ALIGN: left"><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 structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the &#8220;Inverse Floater Trust&#8221;). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (&#8220;Trust Certificates&#8221;). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.</FONT></P>

<P style="TEXT-ALIGN: left"><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 borrowings, with the securities transferred remaining in the fund&#8217;s investments, and the Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.</FONT></P>

<P style="TEXT-ALIGN: left"><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 basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the &#8220;Liquidity Provider&#8221;) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event. 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 event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (&#8220;Liquidation Shortfall&#8221;). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">At December 31, 2017, accumulated net unrealized appreciation on investments was $63,608,793, consisting of $63,764,365 gross unrealized appreciation and $155,572 gross unrealized depreciation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">At December 31, 2017, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.</FONT></P></DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item
2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Controls and Procedures.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Registrant's principal executive and principal financial officers have
concluded, based on their evaluation of the Registrant's disclosure controls
and procedures as of a date within 90 days of the filing date of this report,
that the Registrant's disclosure controls and procedures are reasonably
designed to ensure that information required to be disclosed by the Registrant
on Form N-Q is recorded, processed, summarized and reported within the required
time periods and that information required to be disclosed by the Registrant in
the reports that it files or submits on Form N-Q is accumulated and
communicated to the Registrant's management, including its principal executive
and principal financial officers, as appropriate to allow timely decisions
regarding required disclosure.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exhibits.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certifications of principal executive and
principal financial officers as required by Rule 30a-2(a) under the Investment
Company Act of 1940.</font></p>





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<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">FORM N-Q</font></b></p>

<p style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SIGNATURES<br>
<br>
</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Dreyfus Strategic
Municipals, Inc.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/ Bradley J.
Skapyak</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Bradley J.
Skapyak</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Date:&#160;&#160;&#160; February 16, 2018</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/ Bradley J.
Skapyak</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Bradley J.
Skapyak</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Date:&#160;&#160;&#160; February 16, 2018</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/ James
Windels</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; James Windels</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Treasurer</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Date:&#160;&#160;&#160; February 16, 2018</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">EXHIBIT INDEX</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certifications of principal executive and principal
financial officers as required by Rule 30a-2(a) under the Investment Company
Act of 1940.&#160; (EX-99.CERT)</font></p>




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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION
302 CERTIFICATION</font></b></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">I, Bradley
J. Skapyak, certify that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1.&#160; I have
reviewed this report on Form N-Q of Dreyfus Strategic Municipals, Inc.;</font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">2.&#160;
Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">3.&#160;
Based on my knowledge, the schedule of investments included in this report
fairly present in all material respects the investments of the registrant as of
the end of the fiscal quarter for which the report is filed;</font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">4.&#160; The
registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(a)
Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(b)
Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(c)
Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(d)
Disclosed in this report any change in the registrant's internal control over
financial reporting that occurred during the registrant's most recent fiscal
quarter that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; </font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">5.&#160; The
registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):</font></p>

<p style="margin-left:13.5pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(a)
All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize, and
report financial information; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:13.5pt;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(b)
Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial
reporting.</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; By:&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/ Bradley J. Skapyak</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Bradley J. Skapyak</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Date:&#160;&#160;&#160; February
16, 2018</font></p>





</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin-left:0in;margin-right:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:11.0pt;">SECTION 302
CERTIFICATION</font></b></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">I,
James Windels, certify that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1.&#160; I have
reviewed this report on Form N-Q of Dreyfus Strategic Municipals, Inc.;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">2.&#160; Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">3.&#160;
Based on my knowledge, the schedule of investments included in this report
fairly present in all material respects the investments of the registrant as of
the end of the fiscal quarter for which the report is filed;</font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">4.&#160; The
registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
for the registrant and have:</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(a)
Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(b)
Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(c)
Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(d)
Disclosed in this report any change in the registrant's internal control over
financial reporting that occurred during the registrant's most recent fiscal
quarter that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; </font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">5.&#160; The
registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):</font></p>

<p style="margin-left:13.5pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(a)
All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize, and
report financial information; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:13.5pt;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(b)
Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial
reporting.</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; By:&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/ James Windels</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; James
Windels</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Treasurer</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Date:&#160;&#160;&#160; February
16, 2018</font></p>




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