<SEC-DOCUMENT>0000818972-19-000005.txt : 20190530
<SEC-HEADER>0000818972-19-000005.hdr.sgml : 20190530
<ACCEPTANCE-DATETIME>20190530093447
ACCESSION NUMBER:		0000818972-19-000005
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20190331
FILED AS OF DATE:		20190530
DATE AS OF CHANGE:		20190530
EFFECTIVENESS DATE:		20190530

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05245
		FILM NUMBER:		19864848

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DREYFUS STRATEGIC MUNICIPALS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>lp1-853.htm
<DESCRIPTION>SEMI-ANNUAL REPORT
<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-CSR</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<BR>INVESTMENT COMPANIES</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Investment Company Act file number</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" 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: 10pt" 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: 10pt" 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: 10pt" face="Times New Roman">200 Park Avenue</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" 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: 10pt" 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: 10pt" 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: 10pt" face="Times New Roman">200 Park Avenue</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">New York, New York&nbsp; 10166</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" 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: 10pt" 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: 10pt" 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: 10pt" face="Times New Roman">09/30</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">03/31/19</FONT></P></TD>

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<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to Stockholders.</FONT></B></P>

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<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 20pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#292526 face=arial>Dreyfus Strategic Municipals, Inc.</FONT></P>

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   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=arial>SEMIANNUAL REPORT<BR></FONT></B><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=arial>March 31, 2019</FONT></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-STYLE: normal">Dreyfus Strategic Municipals, Inc.</FONT></B></P>

   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-STYLE: normal">Protecting Your Privacy<BR>Our Pledge to You</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN-LEFT: 5.75pt"><FONT><B><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=bembo>THE FUND IS COMMITTED TO YOUR PRIVACY.</FONT></B></FONT><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=bembo> On this page, you will find the Fund&#8217;s policies and practices for collecting, disclosing, and safeguarding &#8220;nonpublic personal information,&#8221; which may include financial or other customer information. These policies apply to individuals who purchase Fund shares for personal, family, or household purposes, or have done so in the past. This notification replaces all previous statements of the Fund&#8217;s consumer privacy policy, and may be amended at any time. We&#8217;ll keep you informed of changes as required by law.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN-LEFT: 5.75pt"><FONT><B><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=bembo>YOUR ACCOUNT IS PROVIDED IN A SECURE ENVIRONMENT.</FONT></B></FONT><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=bembo> The Fund maintains physical, electronic and procedural safeguards that comply with federal regulations to guard nonpublic personal information. The Fund&#8217;s agents and service providers have limited access to customer information based on their role in servicing your account.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN-LEFT: 5.75pt"><FONT><B><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=bembo>THE FUND COLLECTS INFORMATION IN ORDER TO SERVICE AND ADMINISTER YOUR ACCOUNT. </FONT></B></FONT><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=bembo>The Fund collects a variety of nonpublic personal information, which may include:</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN-LEFT: 19.7pt; TEXT-INDENT: -13.7pt"><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=bembo>&#8226;<FONT style="WORD-SPACING: 7.85pt">&nbsp;</FONT>Information we receive from you, such as your name, address, and social security number.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN-LEFT: 19.7pt; TEXT-INDENT: -13.7pt"><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=bembo>&#8226;<FONT style="WORD-SPACING: 7.85pt">&nbsp;</FONT>Information about your transactions with us, such as the purchase or sale of Fund shares.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN-LEFT: 19.7pt; TEXT-INDENT: -13.7pt"><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=bembo>&#8226;<FONT style="WORD-SPACING: 7.85pt">&nbsp;</FONT>Information we receive from agents and service providers, such as proxy voting information.</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 5.75pt"><B><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=bembo>THE FUND DOES NOT SHARE NONPUBLIC PERSONAL INFORMATION WITH ANYONE, EXCEPT AS PERMITTED BY LAW.</FONT></B></P>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 5.75pt"><B><I><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top" face=bembo>Thank you for this opportunity to serve you.</FONT></I></B></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal">The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9.5pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal">Not FDIC-Insured &#8226; Not Bank-Guaranteed &#8226; May Lose Value</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 108pt"><FONT style="FONT-SIZE: 28pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>Contents</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">THE FUND</FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt">
   <A href="#1"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">A Letter from the President of Dreyfus</FONT></FONT></A></P></TD>

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   <P style="TEXT-ALIGN: right">
   <A href="#1"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">2</FONT></FONT></A></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt">
   <A href="#2"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">Discussion of Fund Performance</FONT></FONT></A></P></TD>

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   <P style="TEXT-ALIGN: right">
   <A href="#2"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">3</FONT></FONT></A></P></TD></TR>

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   <A href="#3"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">Statement of Investments</FONT></FONT></A></P></TD>

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   <A href="#3"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">6</FONT></FONT></A></P></TD></TR>

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   <A href="#4"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">Statement of Assets and Liabilities</FONT></FONT></A></P></TD>

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   <A href="#4"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">26</FONT></FONT></A></P></TD></TR>

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   <A href="#5"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">Statement of Operations</FONT></FONT></A></P></TD>

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   <A href="#5"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">27</FONT></FONT></A></P></TD></TR>

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   <A href="#6"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">Statement of Cash Flows</FONT></FONT></A></P></TD>

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   <P style="TEXT-ALIGN: right">
   <A href="#6"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">28</FONT></FONT></A></P></TD></TR>

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   <A href="#7"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">Statement of Changes in Net Assets</FONT></FONT></A></P></TD>

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   <P style="TEXT-ALIGN: right">
   <A href="#7"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">29</FONT></FONT></A></P></TD></TR>

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   <A href="#8"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">Financial Highlights</FONT></FONT></A></P></TD>

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   <A href="#8"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">30</FONT></FONT></A></P></TD></TR>

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   <A href="#9"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">Notes to Financial Statements</FONT></FONT></A></P></TD>

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   <P style="TEXT-ALIGN: right">
   <A href="#9"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">32</FONT></FONT></A></P></TD></TR>

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   <A href="#10"><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal">Information About the Renewal of</FONT></A></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">the Fund&#8217;s Management Agreement</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right">
   <A href="#10"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">41</FONT></FONT></A></P></TD></TR>

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   <A href="#11"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">Officers and Directors</FONT></FONT></A></P></TD>

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   <A href="#11"><FONT><FONT style="FONT-SIZE: 10.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">45</FONT></FONT></A></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">FOR MORE INFORMATION </FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Back Cover</FONT></P>

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   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-STYLE: normal" color=#141414 face=arial><BR><FONT>Dreyfus Strategic Municipals, Inc.</FONT><BR></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 28pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>The Fund</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><A name="1"></A><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>A LETTER FROM THE PRESIDENT OF DREYFUS</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000>Dear Shareholder:</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000>We are pleased to present this semiannual report for Dreyfus Strategic Municipals, Inc., covering the six-month period from October 1, 2018 through March 31, 2019. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000>The U.S. and many other developed economies continued their pattern of moderate growth during the six months. In October, equity markets experienced a sharp sell-off, stimulated in part by interest-rate increases, trade tensions and slowing global growth. The sell-off partially reduced prior gains on U.S. indices, while losses deepened in international developed and emerging markets. Global equities continued their general decline throughout the end of the calendar year. However, comments made in January by the U.S. Federal Reserve (the &#8220;Fed&#8221;) that it might slow the pace of interest-rate increases in 2019 helped trigger a rebound across equity markets. In a similar vein, other central banks pledged to continue policies that support economic growth, helping to further ease investor concerns. Talk of a potential trade agreement between the U.S. and China also helped buoy equity markets, which continued their upward trajectory through the end of the period.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000>Equity volatility and global growth concerns triggered a flight to quality in many areas of the bond market, raising Treasury prices and flattening the yield curve through the end of 2018. Corporate bonds were also affected by growth and leverage concerns, causing reduced liquidity, increased spreads, and falling prices through the end of the calendar year. Bond markets rebounded in January after encouraging comments by the Fed, and many indices continued to experience positive returns throughout February and March.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000>We remain positive on the near-term economic outlook for the U.S. but will monitor relevant data for any signs of change. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000>Thank you for your continued confidence and support.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000>Sincerely,</FONT></P>

<P style="TEXT-ALIGN: justify">
<IMG src="x19052917260400.jpg"></P>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414>Renee Laroche-Morris<BR></FONT><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414>President<BR></FONT><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414>The Dreyfus Corporation<BR></FONT><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414>April 15, 2019</FONT></P>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>2</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>DISCUSSION OF FUND PERFORMANCE</FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal"> </FONT><FONT><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>(Unaudited)</FONT></FONT></P>

<P style="TEXT-ALIGN: left"><A name="2"></A></P>

<P style="TEXT-ALIGN: left"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal">For the period from October 1, 2018 through March 31, 2019, as provided by Daniel Rabasco and Jeffrey Burger, Primary Portfolio Managers</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=arial>Market and Fund Performance Overview</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">For the six-month period ended March 31, 2019, Dreyfus Strategic Municipals, Inc. produced a total return of 4.44% on a net-asset-value basis and 8.17% on a market price basis.<FONT><SUP>1</SUP></FONT> Over the same period, the fund provided aggregate income dividends of $0.21 per share, which reflects a distribution rate of 5.32%.<FONT><SUP>2</SUP></FONT></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Municipal bonds declined during the first half of the reporting period as interest rates rose and the Federal Reserve (the &#8220;Fed&#8221;) maintained a hawkish stance on monetary policy. But the market rallied in the second half in response to positive supply-and-demand dynamics and a shift by the Fed to a more dovish stance. The municipal market also benefited as investors grew more concerned about the global economy, resulting in a &#8220;flight to quality.&#8221; The fund&#8217;s performance was hindered by yield curve positioning and security selection.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=arial>The Fund&#8217;s Investment Approach</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The fund&#8217;s investment objective is to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. Under normal market conditions, the fund invests at least 80% of its net assets in municipal obligations. Generally, the fund invests at least 50% of its net assets in municipal bonds considered investment grade or the unrated equivalent as determined by The Dreyfus Corporation (&#8220;Dreyfus&#8221;) in the case of bonds, and in the two highest rating categories or the unrated equivalent as determined by Dreyfus in the case of short-term obligations having or deemed to have maturities of less than one year. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">To this end, portfolio construction focuses on income opportunities, through analysis of each bond&#8217;s structure, including paying close attention to each bond&#8217;s yield, maturity, and early-redemption features. When making new investments, we focus on identifying undervalued sectors and securities, and we minimize reliance on interest-rate forecasting. We select municipal bonds based on fundamental credit analysis to estimate the relative value and attractiveness of various sectors and securities and to exploit pricing inefficiencies in the municipal bond market. We actively trade among various sectors, such as escrowed, general obligation and revenue, based on their apparent relative values. Leverage, which is utilized in the portfolio in order to generate a higher level of current income exempt from regular federal income taxes, does amplify the fund&#8217;s exposure to interest-rate movements, and potentially, gains or losses, especially those among the longest maturities</FONT></FONT><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal">.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=arial>Supply-and-Demand Dynamics and a Flight to Quality Drove Municipal Bonds</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The municipal bond market experienced weakness early in the reporting period, but a variety of factors contributed to a subsequent rebound, including slowing economic momentum and a relaxing of what had been a hawkish stance by the Fed. A flight to quality driven by concerns about global growth was also advantageous.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Municipal bonds benefited from favorable supply-and-demand dynamics as well. Fund flows were relatively weak during the first half of the reporting period, but this reversed in the </FONT></P>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>3</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>DISCUSSION OF FUND PERFORMANCE</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal"> </FONT></FONT><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>(Unaudited)</FONT><FONT><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial> (continued)</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">second half as investors became aware of the new cap on the federal deductibility of state and local taxes. This resulted in record-strong inflows to municipal bond mutual funds as investors began to seek tax-exempt income. Although new issuance was positive, a large number of bonds reached maturity during the period, resulting in a decline in net supply. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Demand at the longer end of the municipal bond curve was mixed. Insurance companies continued to add marginally to holdings, but banks, which tend to focus on longer bonds, reduced their holdings. Accounting rule changes and the tax-reform legislation of December 2017, which reduced corporate tax rates, have reduced the appeal of tax-exempt bonds for corporate buyers, especially banks.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">On balance, however, the municipal bond market outperformed Treasuries. This caused the ratio of municipal yields to Treasury yields to decline all across the curve, reflecting that relative outperformance. The municipal bond curve flattened in the 2- to 10-year range and in the 2- to 30-year range, as investors reached for yield. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Credit spreads widened modestly early in the reporting period due to mutual fund redemptions but tightened subsequently when flows strengthened as investors continued their demand for yield. In the lower-rated segment of the market, valuations for tobacco bonds, backed by certain states&#8217; settlement of litigation with U.S. tobacco companies, were hurt by a proposal by the Food and Drug Administration to ban menthol cigarettes. Valuations did improve, however, as the quarter ended. In addition, Puerto Rico bonds benefited from greater clarity regarding fiscal conditions and the restructuring of certain issuing authorities. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Generally, fundamentals in the municipal bond market remained healthy. Steady economic growth has boosted tax revenues, fiscal balances and &#8220;rainy-day&#8221; funds, though some of this improvement resulted from a one-time acceleration of tax payments after the tax-reform law was enacted. Pension funding has also improved.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=arial>Yield Curve Positioning and Security Selection Detracted From Fund Results</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The fund&#8217;s performance was hindered by yield curve positioning and by security selection. The fund&#8217;s underweight to 10-year maturities, where rates fell to a greater degree, and an overweight to longer maturities, detracted from performance. However, the underweight to 2-year maturities partially offset that loss. Security selection, particularly among tobacco-backed bonds, also detracted from the fund&#8217;s performance. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">On a positive note, the fund&#8217;s longer duration contributed positively to performance as did asset allocation. An underweight to pre-refunded bonds added positively to the fund&#8217;s results, though this was partially offset by an underweight to general obligation bonds relative to revenue bonds. </FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=arial>A Constructive Investment Posture</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">We remain constructive on the prospects for municipal bonds over the foreseeable future. We anticipate that with likely gains in employment and a subsequent pickup in inflation, the Fed will respond with one rate hike in 2019; however, we do not expect interest rates to rise dramatically. We will continue to position the duration of the fund to be longer than that of the benchmark, since the municipal curve is steeper than the Treasury curve and given our </FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>4</FONT></B></P>

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<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">positive outlook for tax-exempt bond supply-and-demand dynamics. We anticipate that credit fundamentals will remain stable, but we will monitor budget and revenue developments as the year progresses. We have trimmed our weaker holdings in the tobacco-backed segment, but are adding to revenue bonds, especially in the following areas: education, retirement centers and utilities. The fund will also consider below-investment-grade bonds if there appears to be value in that segment of our market.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">April 15, 2019</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">1</FONT></I></SUP></FONT><FONT><FONT style="WORD-SPACING: 6.4pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT></FONT><FONT><I><FONT style="FONT-SIZE: 8.5pt; FONT-WEIGHT: normal">Total return includes reinvestment of dividends and any capital gains paid, based upon net asset value per share or market price per share, as applicable. Past performance is no guarantee of future results. Market price per share, net asset value per share, and investment return fluctuate. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable. The return figure provided reflects the absorption of certain fund expenses by The Dreyfus Corporation pursuant to an agreement in effect until May 31, 2019, at which time it may be extended, modified, or terminated. Had these expenses not been absorbed, the fund&#8217;s return would have been lower.</FONT></I></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">2</FONT></I></SUP></FONT><FONT style="WORD-SPACING: 6.4pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT><FONT><I><FONT style="FONT-SIZE: 8.5pt; FONT-WEIGHT: normal">Distribution rate per share is based upon dividends per share paid from net investment income during the period, divided by the market price per share at the end of the period, adjusted for any capital gain distributions.</FONT></I></FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT style="FONT-SIZE: 8.5pt; FONT-WEIGHT: normal">Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines. High yield bonds are subject to increased credit risk and are considered speculative in terms of the issuer&#8217;s perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity. The use of leverage may magnify the fund&#8217;s gains or losses. For derivatives with a leveraging component, adverse changes in the value or level of the underlying asset can result in a loss that is much greater than the original investment in the derivative.</FONT></I></P>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>5</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>STATEMENT OF INVESTMENTS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>March 31, 2019 (Unaudited)</FONT></P>

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   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

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<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Alabama - 3.1% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Birmingham Special Care Facilities Financing Authority,<BR>Improvement Revenue Bonds (Methodist Home for the Aging)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.75</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/1/2045</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,433,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Birmingham Special Care Facilities Financing Authority,<BR>Improvement Revenue Bonds (Methodist Home for the Aging)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/1/2050</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,098,620</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Jefferson County,<BR>Sewer Revenue Bonds Warrants</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>0/7.90</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10/1/2050</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>a</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,293,325</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Lower Alabama Gas District,<BR>Gas Project Revenue Bonds, Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>9/1/2046</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7,456,680</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>16,281,625</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Arizona - 3.7% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Arizona Industrial Development Authority,<BR>Education Revenue Bonds, Refunding (Basis School Projects) Ser. D</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2051</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,380,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,428,935</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Maricopa County Industrial Development Authority,<BR>Education Revenue Bonds, Refunding (Paradise Schools Projects)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2047</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,039,340</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Maricopa County Industrial Development Authority,<BR>Revenue Bonds (Benjamin Franlin Charter School Ltd.)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2052</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,217,380</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Phoenix Industrial Development Authority,<BR>Education Facility Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2046</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,068,100</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Phoenix Industrial Development Authority,<BR>Education Facility Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2035</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,360,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,473,209</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Pima County Industrial Development Authority,<BR>Education Revenue Bonds (American Leadership Academy Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/15/2047</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,240,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,309,875</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2018-XF2537),<BR>(Salt Verde Financial Corporation, Senior Gas Revenue Bonds) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2037</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,030,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,022,062</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>19,558,901</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>6</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>California - 10.5% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>California,<BR>GO (Various Purpose)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.75</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4/1/2031</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10,800,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10,807,884</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>California,<BR>GO (Various Purpose)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2035</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom"><SUP>&nbsp;</SUP></FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7,698,675</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>California,<BR>GO (Various Purpose)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4/1/2033</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,585,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom"><SUP>&nbsp;</SUP></FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,588,897</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>California,<BR>GO (Various Purpose)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4/1/2019</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,415,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,415,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>California Statewide Communities Development Authority,<BR>Revenue Bonds (Loma Linda University Medical Center) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2058</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,132,820</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>California Statewide Communities Development Authority,<BR>Revenue Bonds, Refunding (Bentley School) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2040</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,090,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom"><SUP>&nbsp;</SUP></FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,212,390</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>San Buenaventura,<BR>Revenue Bonds (Community Memorial Health System)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2041</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom"><SUP>&nbsp;</SUP></FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,224,360</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>San Francisco City and County Redevelopment Agency Community Facilities District Number 6,<BR>Special Tax Revenue Bonds, Refunding (Mission Bay South Public Improvements) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8/1/2023</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom"><SUP>&nbsp;</SUP></FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,102,970</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0379),<BR>(Los Angeles Department of Water and Power, Water System Revenue Bonds) Non-recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2043</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,456,500</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0434),<BR>(The Regents of the University of California, General Revenue Bonds) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5/15/2038</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11,082,325</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0440),<BR>(Los Angeles Department of Airports, Senior Revenue Bonds (Los Angeles International Airport)) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5/15/2031</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,247,500</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,452,850</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>55,174,671</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Colorado - 4.4% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>City &amp; County of Denver CO,<BR>Revenue Bonds, Refunding</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10/1/2032</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,073,290</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Dominion Water and Sanitation District,<BR>Tap Fee Revenue Bonds</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2046</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,715,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,888,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>7</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I></FONT></P>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Colorado - 4.4% (continued)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0385),<BR>(Board of Governors of the Colorado State University, System Enterprise Revenue Bonds) Non-recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3/1/2038</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8,227,819</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0433),<BR>(Colorado Springs, Utilities System Improvement Revenue Bonds) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/15/2043</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>9,752,907</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10,851,907</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>23,041,016</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Connecticut - 1.3% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Connecticut Health and Educational Facilities Authority,<BR>Revenue Bonds (Trinity Health Credit Group)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2045</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,834,125</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Harbor Point Infrastructure Improvement District,<BR>Special Obligation Revenue Bonds, Refunding (Harbor Point Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4/1/2039</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,747,415</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>6,581,540</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>District of Columbia - 4.2% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0437),<BR>(District of Columbia, Income Tax Secured Revenue Bonds) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2035</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>19,992,830</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>21,995,930</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Florida - 7.5% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Atlantic Beach City,<BR>Revenue Bonds (Fleet Landing Project) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/15/2048</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom"><SUP>&nbsp;</SUP></FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,289,890</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Cape Coral Health Facilities Authority,<BR>Senior Housing Revenue Bonds, Refunding (Gulf Care, Inc. Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.88</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2040</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,600,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,718,528</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Clearwater,<BR>Water and Sewer Revenue Bonds, Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2019</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,125,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Florida Development Finance Corporation,<BR>Educational Facilities Revenue Bonds (Miami Arts Charter School Project) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/15/2044</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,897,750</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Greater Orlando Aviation Authority,<BR>Airport Facilities Revenue Bonds, Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10/1/2020</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom"><SUP>&nbsp;</SUP></FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8,176,240</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Miami-Dade County,<BR>Subordinate Special Obligation Revenue Bonds</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>0.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10/1/2045</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>e</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,070,760</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>8</FONT></B></P>

<P>&nbsp;</P>
<PAGE>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

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   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

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   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Florida - 7.5% (continued)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Mid-Bay Bridge Authority,<BR>Springing Lien Revenue Bonds, Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10/1/2021</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6,821,880</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Saint Johns County Industrial Development Authority,<BR>Revenue Bonds (Presbyterian Retirement Communities Project) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8/1/2020</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6,873,945</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Village Community Development District Number 10,<BR>Special Assessment Revenue Bonds</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5/1/2044</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,132,460</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>39,106,453</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Georgia - 5.3% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Atlanta,<BR>Subordinate Lien Revenue Bonds, Ser. D</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2028</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,845,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,871,679</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Atlanta,<BR>Water and Wastewater Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. B</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2034</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,445,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom"><SUP>&nbsp;</SUP></FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,474,059</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Atlanta,<BR>Water and Wastewater Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. B</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2019</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,555,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,610,903</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Atlanta,<BR>Water and Wastewater Revenue Bonds, Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2019</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6,157,200</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Atlanta Development Authority,<BR>Revenue Bonds (Georgia Proton Treatment Center Project) Ser. A-1</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1/1/2040</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,032,620</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Burke County Development Authority,<BR>Pollution Control Revenue Bonds, Refunding (Oglethorpe Power Corp-Vogtle) Ser. D</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.13</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2045</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,400,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,445,792</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0435),<BR>(Private Colleges and Universities Authority, Revenue Bonds (Emory University)) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10/1/2043</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11,060,800</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>27,653,053</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Hawaii - 1.2% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Hawaii Department of Budget and Finance,<BR>Special Purpose Revenue Bonds (Hawaii Pacific Health Obligated Group) Ser. B</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.75</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2020</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,415,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,645,331</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>9</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I></FONT></P>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Hawaii - 1.2% (continued)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Hawaii Department of Budget and Finance,<BR>Special Purpose Revenue Bonds, Refunding (Hawaiian Electric Company)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3/1/2037</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,530,585</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>6,175,916</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Idaho - 1.0% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Power County Industrial Development Corporation,<BR>SWDR Revenue Bonds (FMC Corporation Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.45</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8/1/2032</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>5,019,150</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Illinois - 13.9% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Chicago,<BR>GO, Refunding (Project and Refunding Ser.) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1/1/2038</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,426,690</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Chicago Board of Education,<BR>GO, Refunding, Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2034</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,400,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,509,536</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Chicago Board of Education,<BR>GO, Ser. D</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2046</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,099,400</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Chicago Board of Education,<BR>GO, Ser. H</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2036</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,137,220</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Chicago O'Hare International Airport,<BR>Revenue Bonds (General Airport Third Lien) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.63</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1/1/2035</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,015,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,081,117</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Chicago O'Hare International Airport,<BR>Revenue Bonds (General Airport Third Lien) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.63</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1/1/2021</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,985,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,270,206</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Chicago O'Hare International Airport,<BR>Revenue Bonds, Refunding, Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1/1/2048</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,585,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom"><SUP>&nbsp;</SUP></FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,105,721</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Metropolitan Pier and Exposition Authority,<BR>Dedicated Tax Revenue Bonds (Capital Appreciation-McCormick Place Expansion Project) (Insured; MBIA Insurance Corporation)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>0.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/15/2036</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>e</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,238,950</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Metropolitan Pier and Exposition Authority,<BR>Revenue Bonds (McCormick Place Expansion Project) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/15/2053</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom"><SUP>&nbsp;</SUP></FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,686,970</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Metropolitan Pier and Exposition Authority,<BR>Revenue Bonds (McCormick Place Expansion Project) Ser. B</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>0.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/15/2051</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>18,100,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>e</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,079,921</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Metropolitan Pier and Exposition Authority,<BR>Revenue Bonds, Refunding (McCormick Place Expansion Project) Ser. B</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/15/2028</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,154,890</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>10</FONT></B></P>

<P>&nbsp;</P>
<PAGE>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Illinois - 13.9% (continued)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Metropolitan Pier and Exposition Authority,<BR>Revenue Bonds, Refunding (McCormick Place Expansion Project) Ser. B</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/15/2052</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,650,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,689,567</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Railsplitter Tobacco Settlement Authority,<BR>Tobacco Settlement Revenue Bonds</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/1/2021</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,050,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,522,882</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>State of Illinois,<BR>GO, Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5/1/2038</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,900,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom"><SUP>&nbsp;</SUP></FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,165,317</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>State of Illinois,<BR>GO, Ser. C</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2029</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7,270,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom"><SUP>&nbsp;</SUP></FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7,975,844</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0378),<BR>(Greater Chicago Metropolitan Water Reclamation District, GO Capital Improvement Bonds) Non-recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2032</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8,017,950</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2017-XM0492),<BR>(Illinois Finance Authority, Revenue Bonds (The University of Chicago)) Non-recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10/1/2040</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>13,571,580</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>University of Illinois Board of Trustees,<BR>Revenue Bonds (Auxiliary Facilities System) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4/1/2044</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,097,310</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>72,831,071</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Indiana - .8% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Indiana Finance Authority,<BR>Midwestern Disaster Relief Revenue Bonds (Ohio Valley Electric Corporation Project) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/1/2039</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,585,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,592,767</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Indiana Finance Authority,<BR>Revenue Bonds (Marquette Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3/1/2039</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,400,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,451,086</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Indiana Finance Authority,<BR>Revenue Bonds (Parkview Health System Group) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2043</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,148,060</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>4,191,913</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Iowa - 1.5% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Iowa Finance Authority,<BR>Midwestern Disaster Area Revenue Bonds (Iowa Fertilizer Company Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2025</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7,375,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>7,955,191</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Kansas - .6% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Kansas Development Finance Authority,<BR>Revenue Bonds (Village Shalom Project) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/15/2053</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,031,180</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>11</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I></FONT></P>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Kansas - .6% (continued)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Kansas Development Finance Authority,<BR>Revenue Bonds (Village Shalom Project) Ser. B</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/15/2025</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,047,860</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>3,079,040</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Kentucky - .5% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Kentucky Public Energy Authority,<BR>Revenue Bonds, Ser. A-1</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2049</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>f</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>2,711,125</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Louisiana - 2.9% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Louisiana Local Government Environmental Facilities and Community Development Authority,<BR>Revenue Bonds, Refunding (Westlake Chemical Corporation Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2032</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,100,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,122,971</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2018-XF2584),<BR>(Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan Missionaries of Our Lady Health System Project)) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2047</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10,755,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11,949,898</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>15,072,869</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Maine - .6% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Maine Health and Higher Educational Facilities Authority,<BR>Revenue Bonds (Maine General Medical Center Issue)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2032</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>3,329,520</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Maryland - 2.6% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Maryland Health and Higher Educational Facilities Authority,<BR>Revenue Bonds (Adventist HealthCare Issue) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1/1/2046</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,250,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,701,847</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0391),<BR>(Mayor and City Council of Baltimore, Project Revenue Bonds (Water Projects)) Non-recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2042</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>9,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10,014,997</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>13,716,844</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Massachusetts - 10.3% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Massachusetts Development Finance Agency,<BR>Revenue Bonds, Refunding (NewBridge Charles)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10/1/2057</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,051,570</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Massachusetts Development Finance Agency,<BR>Revenue Bonds, Refunding (Suffolk University Issue) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2030</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,065,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,088,768</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>12</FONT></B></P>

<P>&nbsp;</P>
<PAGE>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Massachusetts - 10.3% (continued)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Massachusetts Development Finance Agency,<BR>Revenue Bonds, Refunding (Suffolk University Issue) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2019</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,585,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,627,195</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Massachusetts Development Finance Agency,<BR>Revenue Bonds, Refunding, Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2025</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,400,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,623,006</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0368),<BR>(Massachusetts Development Finance Agency, Revenue Bonds (Harvard University Issue)) Non-recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2/1/2034</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10,668,900</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0372),<BR>(Massachusetts, Consolidated Loan) Non-recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4/1/2027</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8,600,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>9,181,360</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0389),<BR>(Massachusetts School Building Authority, Senior Dedicated Sales Tax Revenue Bonds) Non-recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5/15/2043</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11,008,675</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2018-XF0610),<BR>(Massachusetts Transportation Fund, Revenue Bonds (Rail Enhancement &amp; Accelerated Bridge Programs)) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/1/2047</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12,750,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>14,771,631</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>54,021,105</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Michigan - 6.9% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Detroit,<BR>Water Supply System Senior Lien Revenue Bonds, Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2031</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,163,980</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Great Lakes Water Authority,<BR>Sewage Disposal System Second Lien Revenue Bonds, Refunding, Ser. C</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2036</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,436,260</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Michigan Finance Authority,<BR>HR Revenue Bonds (Beaumont Health Credit Group)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2044</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,165,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,755,721</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Michigan Finance Authority,<BR>Local Government Loan Program Revenue Bonds (Detroit Water and Sewerage Department, Sewage Disposal System Revenue Senior Lien Local Project Bonds) (Insured; Assured Guaranty Municipal Corp.) Ser. C3</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2031</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,251,460</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>13</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I></FONT></P>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Michigan - 6.9% (continued)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Michigan Finance Authority,<BR>Local Government Loan Program Revenue Bonds, Refunding (Detroit Water and Sewerage Department, Water Supply System Revenue Bonds Senior Lien Local Project Bonds) (Insured; National Public Finance Guarantee Corp.) Ser. D6</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2036</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,215,240</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Michigan Finance Authority,<BR>Local Government Loan Program Revenue Bonds, Refunding (Detroit Water and Sewerage Department, Water Supply System Revenue Second Lien Local Project Bonds) Ser. D2</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2034</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,269,160</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Michigan Hospital Finance Authority,<BR>HR Revenue Bonds, Refunding (Henry Ford Health System)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.63</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/15/2019</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,125,050</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Michigan Strategic Fund,<BR>SWDR Revenue Bonds, Refunding (Genesee Power Station Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1/1/2021</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,660,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,633,560</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Michigan Tobacco Settlement Finance Authority,<BR>Tobacco Settlement Asset-Backed Revenue Bonds, Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/1/2048</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,999,960</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Michigan Tobacco Settlement Finance Authority,<BR>Tobacco Settlement Asset-Backed Revenue Bonds, Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.88</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/1/2042</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,001,450</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>35,851,841</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Minnesota - .6% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Dakota County Community Development Agency,<BR>SFMR Revenue Bonds (Mortgage-Backed Securities Program) (Collateralized: FHLMC, FNMA and GNMA) Ser. 2006A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.30</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2039</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>34,806</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>34,824</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Dakota County Community Development Agency,<BR>SFMR Revenue Bonds (Mortgage-Backed Securities Program) (Collateralized: FHLMC, FNMA and GNMA) Ser. B</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.15</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2038</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6,939</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6,942</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Duluth Economic Development Authority,<BR>Revenue Bonds, Refunding (Essentia Health Group) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2/15/2058</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,331,950</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>3,373,716</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>14</FONT></B></P>

<P>&nbsp;</P>
<PAGE>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Mississippi - 1.1% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Mississippi Development Bank,<BR>Special Obligation Revenue Bonds (Magnolia Regional Health Center Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10/1/2031</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>5,797,495</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Missouri - 2.7% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Saint Louis County Industrial Development Authority,<BR>Tax Increase Financing Revenue Bonds (Saint Louis Innovation District Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.38</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5/15/2036</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,503,815</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Saint Louis Land Clearance Redevelopment Authority,<BR>Annual Appropriation Redevelopment Revenue Bonds (National Geospatial-Intelligence Agency Site Improvements Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.13</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/1/2046</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,925,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,366,871</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>St Louis County Industrial Development Authority,<BR>Revenue Bonds (Friendship Village St. Louis Obligated Group) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>9/1/2053</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,419,050</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>14,289,736</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Nevada - .5% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Reno,<BR>Sales Tax Revenue Bonds, Refunding (Reno Transportation Rail Access Project) (Insured; Assured Guaranty Municipal Corporation) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/1/2058</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,750,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>2,822,903</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>New Jersey - 3.9% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Essex County Improvement Authority,<BR>SWDR Revenue Bonds (Covanta Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2045</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><SUP><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>b</FONT></SUP></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,007,110</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>New Jersey Economic Development Authority,<BR>Revenue Bonds, Refunding, Ser. XX</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/15/2027</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,509,640</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>New Jersey Economic Development Authority,<BR>Special Facility Revenue Bonds (Continental Airlines, Inc. Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>9/15/2029</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,375,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,686,985</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>New Jersey Housing &amp; Mortgage Finance Agency,<BR>Revenue Bonds, Refunding, Ser. D</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4/1/2025</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,560,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,685,034</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>New Jersey Transportation Trust Fund Authority,<BR>Transportation Program Revenue Bonds, Ser. AA</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/15/2033</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,657,575</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>New Jersey Transportation Trust Fund Authority,<BR>Transportation Program Revenue Bonds, Ser. S</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/15/2046</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,775,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,930,455</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>15</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I></FONT></P>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>New Jersey - 3.9% (continued)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>New Jersey Transportation Trust Fund Authority,<BR>Transportation Program Revenue Bonds, Ser. S</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/15/2043</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,231,300</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2018-XF2538),<BR>(New Jersey Economic Development Authority, Revenue Bonds) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/15/2040</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,250,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,516,203</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>20,224,302</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>New Mexico - 1.4% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Farmington,<BR>PCR Revenue Bonds, Refunding (Public Service Company of New Mexico San Juan Project) Ser. D</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.90</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/1/2040</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>7,297,430</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>New York - 12.2% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>New York City Educational Construction Fund,<BR>Revenue Bonds, Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4/1/2027</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,490,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,907,615</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>New York City Industrial Development Agency,<BR>PILOT Revenue Bonds (Yankee Stadium Project) (Insured; Assured Guaranty Corp.)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3/1/2049</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,023,550</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>New York Convention Center Development Corp.,<BR>Subordinate Lien Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. B</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>0.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/15/2049</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6,885,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>e</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,188,191</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>New York Counties Tobacco Trust V,<BR>Revenue Bonds, Ser. S-2</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>0.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/1/2050</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>27,255,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>e</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,803,708</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>New York Liberty Development Corporation,<BR>Revenue Bonds, Refunding (3 World Trade Center Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/15/2044</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7,468,580</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>New York Transportation Development Corporation,<BR>Special Facility Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2046</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,790,185</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>New York Transportation Development Corporation,<BR>Special Facility Revenue Bonds, Refunding (American Airlines, Inc. John F. Kennedy International Airport Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8/1/2026</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>524,765</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>16</FONT></B></P>

<P>&nbsp;</P>
<PAGE>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>New York - 12.2% (continued)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Niagara Area Development Corporation,<BR>Solid Disposal Facility Revenue Bonds, Refunding (Convanta Holding Project) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.75</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2042</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,045,380</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Port Authority of New York and New Jersey,<BR>Special Project Revenue Bonds (JFK International Air Terminal LLC Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2036</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom"><SUP>&nbsp;</SUP></FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,122,640</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0370),<BR>(New York City Transitional Finance Authority, Future Tax Secured Subordinate Revenue Bonds) Non-recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2025</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,284,875</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0438),<BR>(New York City Transitional Finance Authority, Future Tax Secured Subordinate Revenue Bonds) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2027</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,297,413</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0445),<BR>(New York City Municipal Water Finance Authority, Water and Sewer System General Resolution Revenue Bonds) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/15/2039</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>20,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>20,126,760</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>TSASC Inc.,<BR>Tobacco Settlement Subordinate Revenue Bonds, Refunding, Ser. B</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/1/2048</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,165,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,167,714</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>63,751,376</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>North Carolina - .2% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>North Carolina Medical Care Commission,<BR>Health Care Facilities First Mortgage Revenue Bonds, Refunding (Pennybryn at Maryfield)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10/1/2035</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,005,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>1,055,170</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Ohio - 10.5% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Buckeye Tobacco Settlement Financing Authority,<BR>Tobacco Settlement Asset-Backed Revenue Bonds, Ser. A-2</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/1/2047</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>14,690,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>14,723,934</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Butler County,<BR>Hospital Facilities Revenue Bonds (UC Health)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2020</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,360,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,502,662</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Butler County,<BR>Hospital Facilities Revenue Bonds (UC Health)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2020</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,490,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,580,071</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>17</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I></FONT></P>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Ohio - 10.5% (continued)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Canal Winchester Local School District,<BR>School Facilities Construction and Improvement and Advance Refunding Bonds (GO - Unlimited Tax) (Insured; National Public Finance Guarantee Corp.)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>0.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2031</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,955,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>e</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,738,126</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Canal Winchester Local School District,<BR>School Facilities Construction and Improvement and Advance Refunding Bonds (GO - Unlimited Tax) (Insured; National Public Finance Guarantee Corp.)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>0.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2029</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,955,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>e</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,974,911</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Cuyahoga County,<BR>Revenue Bonds, Refunding (The Metrohealth System)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2/15/2057</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,144,320</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Muskingum County,<BR>Hospital Facilities Revenue Bonds (Genesis HealthCare System Obligated Group Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2/15/2022</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,590,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,866,272</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Ohio Air Quality Development Authority,<BR>Air Quality Revenue Bonds (Ohio Valley Electric Corporation Project) Ser. E</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.63</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10/1/2019</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,900,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,920,292</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Ohio Air Quality Development Authority,<BR>Revenue Bonds (Pratt Paper LLC Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1/15/2048</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,250,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,347,785</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0380),<BR>(Hamilton County, Sewer System Improvement Revenue Bonds (The Metropolitan Sewer District of Greater Cincinnati)) Non-recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2038</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>17,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>19,066,307</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>54,864,680</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Oklahoma - .3% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Oklahoma Development Finance Authority,<BR>Health System Revenue Bonds (OU Medicine Project) Ser. B</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8/15/2048</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>1,704,525</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Oregon - 1.0% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Clackmas County Hospital Facility Authority,<BR>Revenue Bonds, Refunding (Senior Living-Willamette View Project) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/15/2052</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,611,780</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>18</FONT></B></P>

<P>&nbsp;</P>
<PAGE>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

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   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Oregon - 1.0% (continued)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Warm Springs Reservation Confederated Tribes,<BR>Hydroelectric Revenue Bonds (Pelton Round Butte Project) Ser. B</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.38</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2033</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,300,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,360,819</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>4,972,599</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Pennsylvania - 2.9% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Crawford County Hospital Authority,<BR>HR Revenue Bonds, Refunding (Meadville Medical Center Project) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/1/2046</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,175,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,317,293</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Pennsylvania Housing Finance Agency,<BR>Revenue Bonds (Single-Family Housing) Ser. 114A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3.35</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10/1/2026</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,524,150</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Philadelphia,<BR>GO</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8/1/2020</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,550,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,779,472</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0373),<BR>(Geisinger Authority, Health System Revenue Bonds (Geisinger Health System)) Non-recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.13</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6/1/2041</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,184,583</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2018-XM0594),<BR>(Berks County Industrial Development Authority, Health System Revenue Bonds, Refunding (Tower Health Project)) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2050</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,920,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,517,104</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>15,322,602</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Rhode Island - 1.0% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Rhode Island Health and Educational Building Corporation,<BR>Hospital Financing Revenue Bonds (Lifespan Obligated Group Issue) (Insured; Assured Guaranty Corp.) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5/15/2019</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>5,032,300</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>South Carolina - 5.7% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>South Carolina Jobs-Economic Development Authority,<BR>Revenue Bonds, Refunding (ACTS Retirement-Life Communities Inc.)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/15/2047</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,850,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,163,643</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0384),<BR>(South Carolina Public Service Authority, Revenue Bonds Obligations (Santee Cooper)) Non-recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.13</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2043</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>15,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>16,249,400</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>19</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I></FONT></P>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>South Carolina - 5.7% (continued)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0442),<BR>(Columbia, Waterworks and Sewer System Revenue Bonds) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2/1/2040</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10,283,580</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>29,696,623</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Tennessee - 4.4% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board,<BR>Revenue Bonds (The Vanderbilt University) Ser. B</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10/1/2019</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7,139,930</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0388),<BR>(Metropolitan Government of Nashville and Davidson County, Water and Sewer Revenue Bonds) Non-recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2040</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,526,388</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0446),<BR>(Rutherford County Health and Educational Facilities Board, Revenue Bonds (Ascension Health Senior Credit Group)) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/15/2040</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10,167,025</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>22,833,343</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Texas - 10.2% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Central Texas Regional Mobility Authority,<BR>Senior Lien Revenue Bonds, Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1/1/2045</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,660,155</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Clifton Higher Education Finance Corporation,<BR>Education Revenue Bonds (International Leadership of Texas)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.75</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8/15/2045</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,691,835</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Clifton Higher Education Finance Corporation,<BR>Education Revenue Bonds (Uplift Education) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2044</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,537,325</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Clifton Higher Education Finance Corporation,<BR>Education Revenue Bonds (Uplift Education) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2020</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,679,400</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Clifton Higher Education Finance Corporation,<BR>Revenue Bonds (International Leadership) Ser. D</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.13</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8/15/2048</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,306,050</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Harris County-Houston Sports Authority,<BR>Senior Lien Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>0.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/15/2050</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>e</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,648,855</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>20</FONT></B></P>

<P>&nbsp;</P>
<PAGE>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

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<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Texas - 10.2% (continued)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Houston,<BR>Combined Utility System First Lien Revenue Bonds, Refunding (Insured; Assured Guaranty Corp.) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5/15/2019</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>295,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>296,581</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Houston,<BR>Combined Utility System First Lien Revenue Bonds, Refunding (Insured; Assured Guaranty Corp.) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5/15/2019</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,705,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,729,936</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Mission Economic Development Corp.,<BR>Revenue Bonds, Refunding (Natgasoline Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.63</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10/1/2031</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,560,210</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0377),<BR>(San Antonio, Electric and Gas Systems Junior Lien Revenue Bonds) Non-recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2/1/2043</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>16,750,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>18,312,721</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2017-XF2422),<BR>(Leander Independent School District, Unlimited Tax School Building Bonds (Permanent School Fund Guarantee Program)) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8/15/2040</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8,505,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8,610,567</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Texas Private Activity Bond Surface Transportation Corporation,<BR>Senior Lien Revenue Bonds (Blueridge Transportation Group, State Highway 288 Toll Lanes Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/31/2050</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,300,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,411,241</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>53,444,876</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>U.S. Related - 1.7% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Guam,<BR>LOR Revenue Bonds (Section 30) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.75</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/1/2019</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,056,980</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Guam Housing Corporation,<BR>SFMR Revenue Bonds (Guaranteed Mortgage-Backed Securities Program) (Collateralized; FHLMC) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.75</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>9/1/2031</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>965,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>981,212</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Guam Waterworks Authority,<BR>Water and Wastewater System Revenue Bonds</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.63</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2020</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,100,740</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Puerto Rico Commonwealth,<BR>Public Improvement GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2035</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,700,550</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>8,839,482</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>21</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I></FONT></P>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Utah - .5% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Utah Infrastructure Agency,<BR>Telecommunication Revenue Bonds, Refunding (Special Limited Obligations) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10/15/2040</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,345,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>2,478,618</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Virginia - 5.2% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Chesterfield County Economic Development Authority,<BR>Retirement Facilities First Mortgage Revenue Bonds (Brandermill Woods Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.13</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1/1/2043</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,100,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,144,856</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2016-XM0448),<BR>(Virginia Small Business Financing Authority, Health Care Facilities Revenue Bonds (Sentara Healthcare)) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11/1/2040</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10,330,150</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2018-XM0593),<BR>(Hampton Roads Transportation Accountability Commission, Revenue Bonds) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2057</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>9,025,856</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Virginia Small Business Financing Authority,<BR>Private Activity Revenue Bonds (Transform 66 P3 Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12/31/2056</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,454,250</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>26,955,112</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Washington - 6.1% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Port of Seattle WA,<BR>Intermediate Lien Revenue Bonds, Refunding, Ser. D</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5/1/2027</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,300,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5,149,207</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2017-XF2423),<BR>(King County, Server Revenue Bonds) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1/1/2029</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,235,260</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tender Option Bond Trust Receipts (Series 2018-XM0680),<BR>(Washington Convention Center Public Facilities District, Revenue Bonds) Recourse</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7/1/2058</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>17,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b,c</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>19,233,120</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Washington Housing Finance Commission,<BR>Nonprofit Housing Revenue Bonds, Refunding (Presbyterian Retirement Communities Northwest Projects) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1/1/2051</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,700,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,808,698</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>22</FONT></B></P>

<P>&nbsp;</P>
<PAGE>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

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<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=10><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Description </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Coupon <BR>Rate (%)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Maturity<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Date</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Principal<BR></FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Amount ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value ($)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Long-Term Municipal Investments - 156.1% (continued)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Washington - 6.1% (continued)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Washington Housing Finance Commission,<BR>Nonprofit Housing Revenue Bonds, Refunding (Presbyterian Retirement Communities Northwest Projects) Ser. A</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1/1/2046</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,500,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,601,055</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>32,027,340</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Wisconsin - 1.2% </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Public Finance Authority,<BR>Retirement Facility Revenue Bonds (Southminster Inc.)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10/1/2048</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,000,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,117,820</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Public Finance Authority,<BR>Revenue Bonds (Maryland Proton Treatment Center) Ser. A-1</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.38</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1/1/2048</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,250,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,429,140</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Public Finance Authority,<BR>Senior Living Revenue Bonds, Refunding (Mary's Woods At Marylhurst Project)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.25</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5/15/2047</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>750,000</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>792,045</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>6,339,005</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Total Investments </FONT></B></FONT><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>(cost $772,721,512)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>156.1%</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>816,472,007</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Liabilities, Less Cash and Receivables</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>(41.0%)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>(214,533,663)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Preferred Stock, at redemption value</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>(15.1%)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>(78,900,000)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>Net Assets Applicable to Common Shareholders</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>100.0%</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>523,038,344</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">a</FONT></I></SUP></FONT><FONT style="WORD-SPACING: 6.4pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.</FONT></I></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">b</FONT></I></SUP></FONT><FONT style="WORD-SPACING: 6.4pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities were valued at $166,038,683 or 31.75% of net assets.</FONT></I></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">c</FONT></I></SUP></FONT><FONT style="WORD-SPACING: 6.4pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Collateral for floating rate borrowings.</FONT></I></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">d</FONT></I></SUP></FONT><FONT style="WORD-SPACING: 6.4pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.</FONT></I></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">e</FONT></I></SUP></FONT><FONT style="WORD-SPACING: 6.4pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Security issued with a zero coupon. Income is recognized through the accretion of discount.</FONT></I></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">f</FONT></I></SUP></FONT><FONT style="WORD-SPACING: 6.4pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.</FONT></I></P>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>23</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I></FONT></P>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Portfolio Summary (Unaudited) <FONT><SUP>&#8224;</SUP></FONT></FONT></P></TD>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value (%)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Education</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>23.3</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Prerefunded</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>16.5</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Utilities</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>16.4</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Special Tax</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>16.0</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Medical</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>15.7</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Water</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>13.3</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Transportation</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12.4</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>General</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11.2</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>General Obligation</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8.9</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Nursing Homes</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7.0</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Development</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.8</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Tobacco Settlement</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2.7</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Pollution</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2.5</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>School District</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.8</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Single Family Housing</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.8</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Airport</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.8</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#141414 face=cambria>156.1</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&#8224;</FONT></I></SUP></FONT><FONT><SUP><FONT style="WORD-SPACING: 8pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT></SUP></FONT><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Based on net assets.</FONT></I></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">See notes to financial statements.</FONT></I></P>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>24</FONT></B></P>

<P>&nbsp;</P>
<PAGE>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=2 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=4><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><FONT><B><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=arial>Summary of Abbreviations </FONT></B></FONT><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>(Unaudited)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>ABAG</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Association of Bay Area Governments</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>ACA</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>American Capital Access</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>AGC</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>ACE Guaranty Corporation</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>AGIC</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Asset Guaranty Insurance Company</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>AMBAC</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>American Municipal Bond Assurance Corporation</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>ARRN</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Adjustable Rate Receipt Notes</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>BAN</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Bond Anticipation Notes</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>BPA</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Bond Purchase Agreement</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>CIFG</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>CDC Ixis Financial Guaranty</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>COP</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Certificate of Participation</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>CP</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Commercial Paper</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>DRIVERS</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Derivative Inverse Tax-Exempt Receipts</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>EDR</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Economic Development Revenue</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>EIR</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Environmental Improvement Revenue</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>EURIBOR</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Euro Interbank Offered Rate</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>FGIC</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Financial Guaranty Insurance Company</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>FHA</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Federal Housing Administration</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>FHLB</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Federal Home Loan Bank</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>FHLMC</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Federal Home Loan Mortgage Corporation</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>FNMA</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Federal National Mortgage Association</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>GAN</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Grant Anticipation Notes</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>GIC</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Guaranteed Investment Contract</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>GNMA</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Government National Mortgage Association</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>GO</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>General Obligation</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>HR</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Hospital Revenue</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>IDB</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Industrial Development Board</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>IDC</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Industrial Development Corporation</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>IDR</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Industrial Development Revenue</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>LIBOR</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>London Interbank Offered Rate</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>LIFERS</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Long Inverse Floating Exempt Receipts</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>LOC</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Letter of Credit</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>LOR</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Limited Obligation Revenue</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>LR</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Lease Revenue</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>MERLOTS</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Municipal Exempt Receipts Liquidity Option Tender</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>MFHR</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Multi-Family Housing Revenue</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>MFMR</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Multi-Family Mortgage Revenue</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>MUNIPSA</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Securities Industry and Financial Markets Association Municipal Swap Index Yield</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>PCR</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Pollution Control Revenue</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>PILOT</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Payment in Lieu of Taxes</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>P-FLOATS</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Puttable Floating Option Tax-Exempt Receipts</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>PUTTERS</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Puttable Tax-Exempt Receipts</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>RAC</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Revenue Anticipation Certificates</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>RAN</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Revenue Anticipation Notes</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>RAW</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Revenue Anticipation Warrants</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>RIB</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Residual Interest Bonds</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>ROCS</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Reset Options Certificates</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>RRR</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Resources Recovery Revenue</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>SAAN</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>State Aid Anticipation Notes</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>SBPA</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Standby Bond Purchase Agreement</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>SFHR</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Single Family Housing Revenue</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>SFMR</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Single Family Mortgage Revenue</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>SOFRRATE</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Secured Overnight Financing Rate</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>SONYMA</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>State of New York Mortgage Agency</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>SPEARS</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Short Puttable Exempt Adjustable Receipts</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>SWDR</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Solid Waste Disposal Revenue</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>TAN</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Tax Anticipation Notes</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>TAW</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Tax Anticipation Warrants</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>TRAN</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Tax and Revenue Anticipation Notes</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" face=cambria>XLCA</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>XL Capital Assurance</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">See notes to financial statements.</FONT></I></P>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>25</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>STATEMENT OF ASSETS AND LIABILITIES</FONT></P>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>March 31, 2019 (Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><A name="4"></A></P>

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   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Cost</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Value</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Assets ($): </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Investments in securities&#8212;See Statement of Investments</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>772,721,512 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>816,472,007 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Cash</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4,641,923 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Interest receivable</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12,280,989 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Cash collateral held by broker&#8212;Note 3</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>98 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Prepaid expenses</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>63,759 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>833,458,776 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Liabilities ($):</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Due to The Dreyfus Corporation and affiliates&#8212;Note 2(b)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>340,898 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Payable for floating rate notes issued&#8212;Note 3</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>229,398,237 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Interest and expense payable related to <BR>floating rate notes issued&#8212;Note 3</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,533,925 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Commissions payable&#8212;Note 1</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>62,024 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Dividends payable to Preferred Shareholders</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>17,126 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=7>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Directors fees and expenses payable</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>15,317 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Accrued expenses</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>152,905 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>231,520,432 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=7>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Auction Preferred Stock, Series M,T,W,Th and F, par value $.001 per share (3,156 shares issued and outstanding at $25,000 per share liquidation value)&#8212;Note 1</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>78,900,000 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Net Assets Applicable to Common Shareholders ($)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>523,038,344 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Composition of Net Assets ($):</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Common Stock, par value, $.001 per share <BR>(62,195,578 shares issued and outstanding)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>62,196 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Paid-in capital </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>500,008,144 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Total distributable earnings (loss)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>22,968,004 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Net Assets Applicable to Common Shareholders ($)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>523,038,344 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Shares Outstanding</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=6>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(500 million shares authorized)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>62,195,578 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Net Asset Value Per Share of Common Stock ($)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>8.41</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD colSpan=4><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD colSpan=3><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD colSpan=2><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD colSpan=4>

   <P style="TEXT-ALIGN: left"><I><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal" color=#000000>See notes to financial statements.</FONT></I></P></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD>

   <TD colSpan=3><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD colSpan=2><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>26</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>STATEMENT OF OPERATIONS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>Six Months Ended March 31, 2019 (Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><A name="5"></A></P>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



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   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#969696 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#969696 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#969696 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#969696 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#969696 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#969696 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#969696 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#969696 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#969696 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#969696 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#969696 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#969696 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#969696 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#969696 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Investment Income ($):</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#969696 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Interest Income</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>19,149,823 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Expenses:</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Management fee&#8212;Note 2(a)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,203,941 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Interest and expense related to floating rate notes issued&#8212;Note 3</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,536,313 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Custodian fees&#8212;Note 2(b)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>60,564 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Directors&#8217; fees and expenses&#8212;Note 2(c)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>58,698 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Registration fees</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>35,685 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Professional fees</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>34,071 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Shareholder servicing costs</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>27,676 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Commission fees&#8212;Note 1</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>18,000 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Shareholders&#8217; reports</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>17,874 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Miscellaneous</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>29,217 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Total Expenses</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>5,022,039 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Less&#8212;reduction in expenses due to undertaking&#8212;Note 2(a)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(290,517)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Net Expenses</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>4,731,522 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Investment Income&#8212;Net</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>14,418,301 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Realized and Unrealized Gain (Loss) on Investments&#8212;Note 3 ($):</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Net realized gain (loss) on investments</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,852,187 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Net realized gain (loss) on futures</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(100,416)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Net Realized Gain (Loss)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>1,751,771 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Net unrealized appreciation (depreciation) on investments</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6,073,431 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Net Realized and Unrealized Gain (Loss) on Investments</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>7,825,202 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Dividends to Preferred Shareholders</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>(1,023,696)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Net Increase in Net Assets Applicable to Common <BR>Shareholders Resulting from Operations</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>21,219,807 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD colSpan=2>

   <P style="TEXT-ALIGN: left"><I><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal" color=#000000>See notes to financial statements.</FONT></I></P></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>27</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>STATEMENT OF CASH FLOWS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>Six Months Ended March 31, 2019 (Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><A name="6"></A></P>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Cash Flows from Operating Activities ($): </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Purchases of portfolio securities</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>(78,779,594)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Proceeds from sales of portfolio securities</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>82,109,204 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Dividends paid to Preferred Shareholders</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>(1,031,739)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Interest received</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>20,250,668 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Paid to The Dreyfus Corporation</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>(2,185,121)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Operating expenses paid</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>(33,031)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Net Unrealized and Realized Gain (Loss) on futures</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>(100,416)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Net Cash Provided by Operating Activities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-STYLE: normal" color=#000000 face=cambria>20,229,971 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Cash Flows from Financing Activities ($):</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Dividends paid to Common Shareholders</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(13,061,073)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Interest and expense related to floating </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>rate notes issued paid </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(2,565,893)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Net Cash Provided in Financing Activities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-STYLE: normal" color=#000000 face=cambria>(15,626,966)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Net Increase (Decrease) in cash</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-STYLE: normal" color=#000000 face=cambria>4,603,005 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Cash at beginning of period</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>39,016 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Cash at end of period<FONT><SUP>&#8224;</SUP></FONT></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-STYLE: normal" color=#000000 face=cambria>4,642,021 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Reconciliation of Net Increase (Decrease) in Net Assets Applicable to</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Common Shareholders Resulting from Operations to</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Net Cash Provided by Operating Activities ($):</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Net Increase in Net Assets Resulting From Operations</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>21,219,807 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Adjustments to reconcile net increase in net assets</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>applicable to Common Shareholder resulting from</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>operations to net cash provided by operating activities ($):</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Decrease in investments in securities at cost</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,676,023 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Decrease in interest receivable</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>524,790 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Increase in prepaid expenses</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(26,786)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Increase in Due to The Dreyfus Corporation and affiliates</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>17,115 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Interest and expense related to floating rate notes issued</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,536,313 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Decrease in dividends payable to Preferred Shareholders</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(8,043)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Increase in Directors fees and expense payable</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>11,010 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Decrease in commissions payable and accrued expenses</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(24,282)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Net unrealized appreciation on investments</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(6,073,431)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Net amortization of premiums on investments</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>377,455 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" face=cambria>Net Cash Provided by Operating Activities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: middle; FONT-STYLE: normal" color=#000000 face=cambria>20,229,971 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD colSpan=7>

   <P style="TEXT-ALIGN: left"><I><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal" color=#000000><SUP>&#8224;</SUP></FONT></I><I><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal" color=#000000>Includes deposits held as collateral by broker. <BR></FONT></I></P></TD></TR>

<TR>

   <TD colSpan=2>

   <P style="TEXT-ALIGN: left"><I><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal" color=#000000>See notes to financial statements.</FONT></I></P></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>28</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>STATEMENT OF CHANGES IN NET ASSETS</FONT></P>

<P style="TEXT-ALIGN: left"><A name="7"></A></P>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#969696 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Six Months Ended <BR>March 31, 2019 (Unaudited)</FONT></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Year Ended<BR>September 30, 2018</FONT></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Operations ($):</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Investment income&#8212;net</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>14,418,301 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>31,252,385 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Net realized gain (loss) on investments</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1,751,771 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2,279,557 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=3>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Net unrealized appreciation (depreciation) <BR>on investments</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6,073,431 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(28,303,332)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Dividends to Preferred Shareholders</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(1,023,696)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(2,089,976)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Net Increase (Decrease) in Net Assets Applicable<BR>to Common Shareholders Resulting from <BR>Operations</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>21,219,807 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>3,138,634 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=9>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Distributions ($):</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Distributions to Common Shareholders</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>(13,061,073)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>(28,103,692)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=9>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Capital Stock Transactions ($):</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Proceeds from Auction Preferred Stock <BR>to Common Shareholders</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>- </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>3,180,000 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Distributions reinvested</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>- </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>707,143 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Increase (Decrease) in Net Assets <BR>from Capital Stock Transactions</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>- </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>3,887,143 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Total Increase (Decrease) in Net Assets <BR>Applicable to Common Shareholders</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>8,158,734 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>(21,077,915)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #f2f2f2 1pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=9>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Net Assets Applicable to Common Shareholders ($):</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Beginning of Period</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>514,879,610 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>535,957,525 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>End of Period</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>523,038,344 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>514,879,610 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=9>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Capital Share Transactions (Common Shares):</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=2>

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Shares issued for distributions reinvested</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>- </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>82,610 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9" colSpan=4>

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Net Increase (Decrease) in Shares Outstanding</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>- </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>82,610 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD colSpan=2>

   <P style="TEXT-ALIGN: left"><I><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal" color=#000000>See notes to financial statements.</FONT></I></P></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>29</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>FINANCIAL HIGHLIGHTS</FONT></P>

<P style="TEXT-ALIGN: justify"><A name="8"></A></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The following table describes the performance for the fiscal periods indicated. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund&#8217;s financial statements and, with respect to common stock, market price data for the fund&#8217;s common shares.</FONT></P>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Six Months Ended</FONT></P></TD>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>March 31, 2019</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Year Ended September 30,</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(Unaudited)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2018</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2017</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2016</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2015</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2014</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Per Share Data ($):</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Net asset value, beginning of period</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8.28</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8.63</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>9.12</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8.75</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8.76</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8.07</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Investment Operations:</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Investment income&#8212;net<FONT><SUP>a</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.23</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.51</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.53</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.55</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.55</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Net realized and unrealized <BR>gain (loss) on investments</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.13</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(.42)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(.45)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.37</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(.03)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.73</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Dividends to Preferred <BR>Shareholders from <BR>investment income&#8212;net</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(.02)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(.03)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(.03)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(.01)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(.00)<FONT><SUP>b</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(.00)<FONT><SUP>b</SUP></FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Total from Investment Operations</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.34</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.05</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.03</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.89</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.52</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.28</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Distributions to <BR>Common Shareholders:</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Dividends from <BR>investment income&#8212;net</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(.21)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(.45)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(.52)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(.52)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(.53)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(.59)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Net asset value resulting from<BR>Auction Preferred Stock<BR>tendered as a discount</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>-</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.05</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>-</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>-</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>-</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>-</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Net asset value, end of period</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8.41</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8.28</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8.63</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>9.12</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8.75</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8.76</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Market value, end of period</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7.89</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>7.50</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8.79</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>9.35</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8.18</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8.38</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Total Return (%)<FONT><SUP>c</SUP></FONT></FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8.17<FONT><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(9.72)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(.19)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>21.11</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.07</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>12.61</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>30</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 7.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Six Months Ended</FONT></P></TD>

   <TD style="BORDER-TOP: #000000 1.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>March 31, 2019</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9" colSpan=5>

   <P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" face=cambria>Year Ended September 30,</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(Unaudited)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2018</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2017</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2016</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2015</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>2014</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Ratios/Supplemental Data (%):</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Ratio of total expenses to average <BR>net assets applicable <BR>to Common Stock<FONT><SUP>e</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.97<FONT><SUP>f</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.81</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.49</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.30</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.26</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.30</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Ratio of net expenses to average <BR>net assets applicable<BR>to Common Stock<FONT><SUP>e</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.86<FONT><SUP>f</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.69</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.37</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.17</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.13</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.17</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Ratio of interest and expense <BR>related to floating rate notes <BR>issued to average net assets <BR>applicable to Common Stock<FONT><SUP>e</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.00<FONT><SUP>f</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.76</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.39</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.22</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.17</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.18</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Ratio of net investment income <BR>to average net assets applicable <BR>to Common Stock<FONT><SUP>e</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.66<FONT><SUP>f</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.99</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.96</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.83</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.24</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>6.50</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Ratio of total expenses <BR>to total average net assets</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.71<FONT><SUP>f</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.50</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.18</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.03</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.00</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Ratio of net expenses to <BR>total average net assets</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.61<FONT><SUP>f</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.40</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>1.08</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.93</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.90</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.90</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Ratio of interest and expense related to floating rate notes issued to total average net assets</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.86<FONT><SUP>f</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.63</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.31</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.17</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.14</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>.14</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Ratio of net investment income <BR>to total average net assets</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.91<FONT><SUP>f</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.96</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.71</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.64</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>4.94</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>5.02</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Portfolio Turnover Rate</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>13.53<FONT><SUP>d</SUP></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>17.93</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>8.77</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>10.40</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>9.60</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>14.37</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Asset Coverage of Preferred Stock,<BR>end of period</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>763</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>753</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>476</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>496</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>480</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>480</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Net Assets, applicable to <BR>Common Shareholders,<BR>end of period ($ x 1,000)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>523,038</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>514,880</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>535,958</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>564,910</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>541,090</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>542,102</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Preferred Stock Outstanding,<BR>end of period ($ x 1,000)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>78,900</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>78,900</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>142,500</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>142,500</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>142,500</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>142,500</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Floating Rate Notes Outstanding,<BR>end of period ($ x 1,000)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>229,398</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>229,398</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>148,574</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>139,574</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>146,129</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1.5pt solid; BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>146,129</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">a</FONT></I></SUP></FONT><FONT><SUP><FONT style="WORD-SPACING: 8pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal"> </FONT></I></SUP></FONT><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Based on average common shares outstanding.</FONT></I></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">b</FONT></I></SUP></FONT><FONT style="WORD-SPACING: 6.4pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Amount represents less than $.01 per share.</FONT></I></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">c </FONT></I></SUP></FONT><FONT><SUP><FONT style="WORD-SPACING: 8pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT></SUP></FONT><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Calculated based on market value.</FONT></I></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">d</FONT></I></SUP></FONT><FONT><SUP><FONT style="WORD-SPACING: 8pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT></SUP></FONT><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Not Annualized.</FONT></I></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">e</FONT></I></SUP></FONT><FONT><SUP><FONT style="WORD-SPACING: 8pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT></SUP></FONT><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Does not reflect the effect of dividends to Preferred Shareholders.</FONT></I></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">f</FONT></I></SUP></FONT><FONT><SUP><FONT style="WORD-SPACING: 8pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT></SUP></FONT><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Annualized.</FONT></I></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">See notes to financial statements.</FONT></I></P>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>31</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>NOTES TO FINANCIAL STATEMENTS </FONT><FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>(Unaudited)</FONT></FONT></P>

<P style="TEXT-ALIGN: left"><A name="9"></A><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=arial>NOTE 1&#8212;Significant Accounting Policies:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Dreyfus Strategic Municipals, Inc. (the &#8220;fund&#8221;) is registered under the Investment Company Act of 1940, as amended (the &#8220;Act&#8221;), as a diversified closed-end management investment company. The fund&#8217;s investment objective is to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. The Dreyfus Corporation (the &#8220;Adviser&#8221; or &#8220;Dreyfus&#8221;), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (&#8220;BNY Mellon&#8221;), serves as the fund&#8217;s investment adviser. The fund&#8217;s Common Stock trades on the New York Stock Exchange (the &#8220;NYSE&#8221;) under the ticker symbol LEO.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The fund has outstanding 763 Series M shares, 747 Series T shares, 660 Series W shares, 566 Series TH shares and 420 series F shares for a total of 3,156 shares of Auction Preferred Stock (&#8220;APS&#8221;), with a liquidation preference of $25,000 per share (plus an amount equal to accumulated but unpaid dividends upon liquidation). APS dividend rates are determined pursuant to periodic auctions or by reference to a market rate. Deutsche Bank Trust Company America, as Auction Agent, receives a fee from the fund for its services in connection with such auctions. The fund also compensates broker-dealers generally at an annual rate of .15%-.25% of the purchase price of shares of APS.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The fund is subject to certain restrictions relating to the APS. Failure to comply with these restrictions could preclude the fund from declaring any distributions to shareholders of Common Stock (&#8220;Common Shareholders&#8221;) or repurchasing shares of Common Stock and/or could trigger the mandatory redemption of APS at liquidation value. Thus, redemptions of APS may be deemed to be outside of the control of the fund. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The holders of APS, voting as a separate class, have the right to elect at least two directors. The holders of APS will vote as a separate class on certain other matters, as required by law. The fund&#8217;s Board of Directors (the &#8220;Board&#8221;) has designated Robin A. Melvin and Benaree Pratt Wiley as directors to be elected by the holders of APS.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">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 </FONT></P>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>32</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The fund</FONT><FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#ff0000> </FONT></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">enters into contracts that contain a variety of indemnifications. The fund&#8217;s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT><B><FONT style="FONT-SIZE: 10.5pt; FONT-STYLE: normal">(a) Portfolio valuation:</FONT></B></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal"> 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: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">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: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">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: justify; MARGIN-LEFT: 18pt"><FONT><B><FONT style="FONT-SIZE: 10.5pt; FONT-STYLE: normal">Level 1</FONT></B></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">&#8212;unadjusted quoted prices in active markets for identical investments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 18pt"><FONT><B><FONT style="FONT-SIZE: 10.5pt; FONT-STYLE: normal">Level 2</FONT></B></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">&#8212;other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 18pt"><FONT><B><FONT style="FONT-SIZE: 10.5pt; FONT-STYLE: normal">Level 3</FONT></B></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">&#8212;significant unobservable inputs (including the fund&#8217;s own assumptions in determining the fair value of investments).</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">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: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">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:</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Investments in securities are valued each business day by an independent pricing service (the &#8220;Service&#8221;) approved by the Board. 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 </FONT></P>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>33</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>NOTES TO FINANCIAL STATEMENTS (Unaudited) </FONT><FONT><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial>(continued)</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of 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: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The Service is engaged under the general supervision of the Board.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">When market quotations or official closing prices are not readily available, or are determined not to 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: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The following is a summary of the inputs used as of March 31, 2019</FONT><FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#ff0000> </FONT></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">in valuing the fund&#8217;s investments:</FONT></P>

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<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

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   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Level 1 - Unadjusted Quoted Prices</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Level 2 - Other Significant Observable Inputs</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Level 3 -Significant Unobservable Inputs</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Total</FONT></P></TD></TR>

<TR>

   <TD>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-STYLE: normal" color=#000000 face=cambria>Assets ($)</FONT></B></P></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Investments in Securities:</FONT></P></TD>

   <TD>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Municipal Bonds<FONT><SUP>&#8224;</SUP></FONT></FONT></P></TD>

   <TD>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>-</FONT></P></TD>

   <TD>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>816,472,007</FONT></P></TD>

   <TD>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>-</FONT></P></TD>

   <TD>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>816,472,007</FONT></B></P></TD></TR>

<TR>

   <TD>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Liabilities ($)</FONT></B></P></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD></TR>

<TR>

   <TD>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Floating Rate Notes<FONT><SUP>&#8224;&#8224;</SUP></FONT></FONT></P></TD>

   <TD>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>-</FONT></P></TD>

   <TD>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(229,398,237)</FONT></P></TD>

   <TD>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>-</FONT></P></TD>

   <TD>

   <P style="TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>(229,398,237)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&#8224;</FONT></I></SUP></FONT><FONT style="WORD-SPACING: 6.4pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">See Statement of Investments for additional detailed categorizations.</FONT></I></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&#8224;&#8224;</FONT></I></SUP></FONT><FONT style="WORD-SPACING: 6.4pt"><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">&nbsp;</FONT></I></FONT><I><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Certain of the fund&#8217;s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.</FONT></I></P>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>34</FONT></B></P>

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<PAGE>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">At March 31, 2019, there were no transfers between levels of the fair value hierarchy. It is the fund&#8217;s policy to recognize transfers between levels at the end of the reporting period.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT><B><FONT style="FONT-SIZE: 10.5pt; FONT-STYLE: normal">(b) Securities transactions and investment income:</FONT></B></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal"> Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when issued or delayed delivery basis may be settled a month or more after the trade date.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT><B><FONT style="FONT-SIZE: 10.5pt; FONT-STYLE: normal">(c) Dividends and distributions to Common Shareholders:</FONT></B></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal"> Dividends and distributions are recorded on the ex-dividend date. Dividends from investment income-net are normally declared and paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Common Shareholders will have their distributions reinvested in additional shares of the fund, unless such Common Shareholders elect to receive cash, at the lower of the market price or net asset value per share (but not less than 95% of the market price). If market price is equal to or exceeds net asset value, shares will be issued at net asset value. If net asset value exceeds market price, Computershare Inc., the transfer agent for the fund&#8217;s Common Stock, will buy fund shares in the open market and reinvest those shares accordingly.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">On March 28, 2019, the Board declared a cash dividend of $.035 per share from investment income-net, payable on April 30, 2019 to Common Shareholders of record as of the close of business on April 12, 2019. The ex-dividend date was April 11, 2019.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT><B><FONT style="FONT-SIZE: 10.5pt; FONT-STYLE: normal">(d) Dividends and distributions to shareholders of APS:</FONT></B></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal"> Dividends, which are cumulative, are generally reset every 7 days for each Series of APS pursuant to a process specified in related fund charter documents. Dividend rates as of March 31, 2019, for each Series of APS were as follows: Series M-2.690%, Series T-2.668%, Series W-2.735%, Series TH-2.746% and Series F-2.735%. These rates reflect the &#8220;maximum rates&#8221; under the governing instruments as a result of &#8220;failed auctions&#8221; in which </FONT></P>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>35</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>NOTES TO FINANCIAL STATEMENTS (Unaudited) </FONT><FONT><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial>(continued)</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">sufficient clearing bids are not received. The average dividend rates for the period ended March 31, 2019 for each Series of APS were as follows: Series M-2.600%, Series T-2.604%, Series W-2.600%, Series TH-2.594% and Series F-2.616%.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT><B><FONT style="FONT-SIZE: 10.5pt; FONT-STYLE: normal">(e) Federal income taxes:</FONT></B></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal"> It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">As of and during the period ended March 31, 2019, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended March 31, 2019, the fund did not incur any interest or penalties.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Each tax year in the three-year period ended September 30, 2018 remains subject to examination by the Internal Revenue Service and state taxing authorities.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Under the Regulated Investment Company Modernization Act of 2010 (the &#8220;2010 Act&#8221;), the fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (&#8220;post-enactment losses&#8221;) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute. The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (&#8220;pre-enactment losses&#8221;). As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The fund has an unused capital loss carryover of $24,737,591 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to September 30, 2018. If not applied, $6,369,224 will expire in fiscal year 2019. The fund has $5,071,884 of post-enactment short-term capital losses and $13,296,483 of post-enactment long-term capital losses which can be carried forward for an unlimited period.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2018 was as follows: tax-exempt income $30,044,088 and ordinary income $149,580. The tax character of current year distributions will be determined at the end of the current fiscal year. </FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>36</FONT></B></P>

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<PAGE>

<P style="TEXT-ALIGN: justify"><FONT><B><FONT style="FONT-SIZE: 10.5pt; FONT-STYLE: normal">(f) New Accounting Pronouncements:</FONT></B></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal"> In March 2017, the FASB issued Accounting Standards Update 2017-08, Receivables&#8212;Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization On Purchased Callable Debt Securities (&#8220;ASU 2017-08&#8221;). The update shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. ASU 2017-08 will be effective for fiscal years beginning after December 15, 2018. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Also in August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework&#8212;Changes to the Disclosure Requirements for Fair Value Measurement (&#8220;ASU 2018-13&#8221;). The update provides guidance that modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for fiscal years beginning after December 15, 2019. Management is currently assessing the potential impact of these changes to future financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=arial>NOTE 2&#8212;Management Fee and Other Transactions with Affiliates:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT><B><FONT style="FONT-SIZE: 10.5pt; FONT-STYLE: normal">(a) </FONT></B></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Pursuant to a management agreement (the &#8220;Agreement&#8221;) with the Adviser, the management fee is computed at the annual rate of .75% of the value of the fund&#8217;s average weekly net assets, inclusive of the outstanding APS, and is payable monthly. The Agreement provides for an expense reimbursement from the Adviser should the fund&#8217;s aggregate expenses (excluding taxes, interest on borrowings, brokerage fees and extraordinary expenses) in any full fiscal year exceed the lesser of (1) the expense limitation of any state having jurisdiction over the fund or (2) 2% of the first $10 million, 1&#189;% of the next $20 million and 1% of the excess over $30 million of the average weekly value of the fund&#8217;s net assets. The Adviser has currently undertaken, from October 1, 2018 through May 31, 2019, to waive receipt of a portion of the fund&#8217;s management fee, in the amount of .10% of the value of the fund&#8217;s average weekly net assets (including net assets representing APS outstanding). The reduction in expenses, pursuant to the undertaking, amounted to $290,517 during the period ended March 31, 2019</FONT><FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#121212>.</FONT></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal"> Effective May 6, 2019, the Board approved to extend the current undertaking from May 31, 2019 to November 30, 2019. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT><B><FONT style="FONT-SIZE: 10.5pt; FONT-STYLE: normal">(b) </FONT></B></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The fund compensates The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of the Adviser, under a custody agreement for providing custodial services for the fund. These fees are determined based on net assets and transaction activity. During the period ended March 31, 2019</FONT><FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal; FONT-STYLE: normal">, </FONT></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">the fund was charged $60,564</FONT><FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal; FONT-STYLE: normal"> </FONT></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">pursuant to the custody agreement.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>37</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>NOTES TO FINANCIAL STATEMENTS (Unaudited) </FONT><FONT><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial>(continued)</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The fund has an arrangement with the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits, if any, as an expense offset in the Statement of Operations.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">During the period ended March 31, 2019, the fund was charged $3,783 for services performed by the Chief Compliance Officer and his staff. These fees are included in Miscellaneous in the Statement of Operations.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The components of &#8220;Due to The Dreyfus Corporation and affiliates&#8221; in the Statement of Assets and Liabilities consist of: management fees $379,866, custodian fees $4,573 and Chief Compliance Officer fees $3,783, which are offset against an expense reimbursement currently in effect in the amount of $47,324.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT><B><FONT style="FONT-SIZE: 10.5pt; FONT-STYLE: normal">(c)</FONT></B></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal"> Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets. </FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=arial>NOTE 3&#8212;Securities Transactions:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended March 31, 2019, amounted to $78,779,594 and $82,108,164, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT><B><FONT style="FONT-SIZE: 10.5pt; FONT-STYLE: normal">Inverse Floater Securities:</FONT></B></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal"> 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: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">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: center"><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>38</FONT></B></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">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 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: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The average amount of borrowings outstanding under the inverse floater structure during the period ended March 31, 2019 was approximately $229,398,237 with a related weighted average annualized interest rate of 2.22%.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT><B><FONT style="FONT-SIZE: 10.5pt; FONT-STYLE: normal">Derivatives:</FONT></B></FONT><FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#ff0000> </FONT></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund during the period ended March 31, 2019 is discussed below.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT><B><FONT style="FONT-SIZE: 10.5pt; FONT-STYLE: normal">Futures: </FONT></B></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk</FONT><FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#7030a0> </FONT></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty </FONT></P>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>39</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>NOTES TO FINANCIAL STATEMENTS (Unaudited) </FONT><FONT><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial>(continued)</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. At March 31, 2019, there were no financial futures outstanding.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000>The following summarizes the average market value of derivatives outstanding during</FONT></FONT><FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#ff0000> </FONT></FONT><FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000>the period ended March 31, 2019</FONT></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000>:</FONT></P>

<DIV align=left>

<TABLE style="CLEAR: both" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-SIZE: 1pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid">

   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 0.5pt solid">

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Average Market Value ($)</FONT></P></TD></TR>

<TR>

   <TD>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>Interest rate futures</FONT></P></TD>

   <TD><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: middle">&nbsp;</FONT></TD>

   <TD>

   <P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>89,371</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">At March 31, 2019, accumulated net unrealized appreciation on investments was $43,750,495, consisting of $44,194,519 gross unrealized appreciation and $444,024 gross unrealized depreciation. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">At March 31, 2019, 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"><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=arial>NOTE 4&#8212;Subsequent Event:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">On March 4, 2019, the fund announced that effective on or about June 3, 2019 (the &#8220;Effective Date&#8221;), the fund will change its name from Dreyfus Strategic Municipals, Inc. to BNY Mellon Strategic Municipals, Inc. In addition, on the effective date, Dreyfus, the fund&#8217;s investment adviser and administrator, will change its name to &#8220;BNY Mellon Investment Adviser, Inc.&#8221;</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>40</FONT></B></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 21.6pt; TEXT-INDENT: -21.6pt"><FONT><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>INFORMATION ABOUT THE RENEWAL OF THE FUND&#8217;S MANAGEMENT AGREEMENT (Unaudited)</FONT></FONT></P>

<P style="TEXT-ALIGN: left"><A name="10"></A></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">At a meeting of the fund&#8217;s Board of Directors held on November 5-6, 2018, the Board considered the renewal of the fund&#8217;s Management Agreement pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the &#8220;Agreement&#8221;). The Board members, a majority of whom are not &#8220;interested persons&#8221; (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from Dreyfus representatives. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT><U><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Analysis of Nature, Extent, and Quality of Services Provided to the Fund</FONT></U></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">. The Board considered information provided to it at the meeting and in previous presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex. Dreyfus representatives stated that the fund is a closed-end fund without daily inflows and outflows of capital and provided the fund&#8217;s asset size.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The Board also considered research support available to, and portfolio management capabilities of, the fund&#8217;s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered Dreyfus&#8217; extensive administrative, accounting and compliance infrastructures. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT><U><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Comparative Analysis of the Fund&#8217;s Performance and Management Fee and Expense Ratio</FONT></U></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (&#8220;Broadridge&#8221;), an independent provider of investment company data, which included information comparing (1) the fund&#8217;s performance with the performance of a group of comparable funds (the &#8220;Performance Group&#8221;) and with a broader group of funds (the &#8220;Performance Universe&#8221;), all for various periods ended September 30, 2018, and (2) the fund&#8217;s actual and contractual management fees and total expenses with those of a group of comparable funds (the &#8220;Expense Group&#8221;) and with a broader group of funds (the &#8220;Expense Universe&#8221;), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. Dreyfus previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds. The Board discussed with representatives of Dreyfus and/or its affiliates the results of the comparisons and considered that the fund&#8217;s total return performance, on a net asset value basis, was at or above the Performance Group median and above the Performance Universe median for </FONT></P>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>41</FONT></B></FONT></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 14.4pt; TEXT-INDENT: -14.4pt"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>INFORMATION ABOUT THE RENEWAL OF THE FUND&#8217;S MANAGEMENT AGREEMENT (Unaudited)</FONT><FONT><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial> (continued)</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">all periods except the ten-year period when it was slightly below the medians; the fund&#8217;s total return performance, on a market price basis, was at or below the Performance Group median and below the Performance Universe median for all periods except the three-year period when it was above the median. The Board also considered that, on both a net asset value basis and market price basis, the fund&#8217;s yield performance was at or above the Performance Group and Performance Universe medians for all one-year periods ended September 30th. Dreyfus also provided a comparison of the fund&#8217;s calendar year total returns (on a net asset value basis) to the returns of the fund&#8217;s benchmark index, and it was considered that the fund&#8217;s returns were above the returns of the index in seven of the ten calendar years shown.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that, based on common assets alone, the fund&#8217;s contractual management fee was above the Expense Group median and the fund&#8217;s actual management fee and total expenses were below the Expense Group and Expense Universe medians. The Board also considered that, based on common and Leveraged Assets (as defined below) together, the fund&#8217;s actual management fee was above the Expense Group and Expense Universe medians and the fund&#8217;s total expenses were below the Expense Group and Expense Universe medians.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Dreyfus representatives stated that Dreyfus has contractually agreed, until May 31, 2019, to waive receipt of a portion of the fund&#8217;s management fee, in the amount of .10% of the value of the fund&#8217;s average weekly net assets, including net assets representing auction preferred stock outstanding (&#8220;Leveraged Assets&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Dreyfus representatives reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Lipper category as the fund and (2) paid to Dreyfus or the Dreyfus-affiliated primary employer of the fund&#8217;s primary portfolio manager(s) for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the &#8220;Similar Clients&#8221;), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors, stating that the fund is a closed-end fund. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund&#8217;s management fee.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT><U><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Analysis of Profitability and Economies of Scale</FONT></U></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">. Dreyfus representatives reviewed the expenses allocated and profit received by Dreyfus and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to Dreyfus and its affiliates for managing the funds in the Dreyfus fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board also considered the fee waiver arrangement and its effect on the profitability of Dreyfus and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding Dreyfus&#8217; </FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>42</FONT></B></P>

<P>&nbsp;</P>
<PAGE>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement, considered in relation to the mix of services provided by Dreyfus, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Dreyfus representatives stated that, because the fund is a closed-end fund without daily inflows and outflows of capital, there were not at this time significant economies of scale to be realized by Dreyfus in managing the fund&#8217;s assets. Dreyfus representatives also stated that, as a result of shared and allocated costs among funds in the Dreyfus fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund&#8217;s asset level. The Board also considered potential benefits to Dreyfus from acting as investment adviser and took into consideration that there were no soft dollar arrangements in effect for trading the fund&#8217;s investments. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt"><FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=symbol>&#183;</FONT></FONT><FONT><FONT style="WORD-SPACING: 10.5pt"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=symbol>&nbsp;</FONT></FONT></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The Board concluded that the nature, extent and quality of the services provided by Dreyfus are adequate and appropriate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt"><FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=symbol>&#183;</FONT></FONT><FONT><FONT style="WORD-SPACING: 10.5pt"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=symbol>&nbsp;</FONT></FONT></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The Board was satisfied with the fund&#8217;s performance on a net asset value basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt"><FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=symbol>&#183;</FONT></FONT><FONT><FONT style="WORD-SPACING: 10.5pt"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=symbol>&nbsp;</FONT></FONT></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The Board considered Dreyfus&#8217; efforts to improve fund performance and agreed to closely monitor performance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt"><FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=symbol>&#183;</FONT></FONT><FONT><FONT style="WORD-SPACING: 10.5pt"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=symbol>&nbsp;</FONT></FONT></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The Board concluded that the fee paid to Dreyfus continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt"><FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=symbol>&#183;</FONT></FONT><FONT><FONT style="WORD-SPACING: 10.5pt"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=symbol>&nbsp;</FONT></FONT></FONT><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The Board determined that the economies of scale which may accrue to Dreyfus and its affiliates in connection with the management of the fund had been adequately considered by Dreyfus in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and </FONT></P>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>43</FONT></B></FONT></P>

<P>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN-LEFT: 14.4pt; TEXT-INDENT: -14.4pt"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>INFORMATION ABOUT THE RENEWAL OF THE FUND&#8217;S MANAGEMENT AGREEMENT (Unaudited)</FONT><FONT><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial> (continued)</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">other interactions with Dreyfus and its affiliates, of Dreyfus and the services provided to the fund by Dreyfus. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreement, including information on the investment performance of the fund in comparison to similar funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board&#8217;s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of the Agreement for the fund, or substantially similar agreements for other Dreyfus funds that the Board oversees, during which lengthy discussions took place between the Board and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board&#8217;s conclusions may be based, in part, on their consideration of the fund&#8217;s arrangements, or substantially similar arrangements for other Dreyfus funds that the Board oversees, in prior years. The Board determined to renew the Agreement.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>44</FONT></B></P>

<P>&nbsp;</P>
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<P style="TEXT-ALIGN: left"><FONT><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>OFFICERS AND DIRECTORS</FONT></FONT><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial><BR>Dreyfus Strategic Municipals, Inc.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10.5pt; FONT-WEIGHT: normal; FONT-STYLE: normal">200 Park Avenue<BR>New York, NY 10166</FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><A name="11"></A><B><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Directors</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Officers (continued)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Joseph S. DiMartino, Chairman</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Assistant Treasurers (continued)</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Gordon J. Davis</FONT></FONT><FONT><SUP><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face="agency fb">&#8224;</FONT></SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Robert Salviolo</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Joni Evans</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Robert Svagna</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Joan Gulley</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Chief Compliance Officer</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Ehud Houminer</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Joseph W. Connolly</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Alan H. Howard</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Portfolio Managers</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Robin A. Melvin </FONT></FONT><FONT><SUP><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face="agency &#13;&#10;fb">&#8224;&#8224;</FONT></SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Daniel A. Rabasco</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Burton N. Wallack</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Jeffrey B. Burger</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Benaree Pratt Wiley<FONT><SUP>&#8224;&#8224;</SUP></FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">&#8224; </FONT></I></SUP></FONT><I><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">Interested Board Member</FONT></I></P></TD>

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   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: top">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 10.8pt; TEXT-INDENT: -10.8pt"><FONT><SUP><I><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">&#8224;&#8224;</FONT></I></SUP></FONT><I><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"> Elected by APS Holders</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Adviser</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Officers</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>The Dreyfus Corporation</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>President</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Custodian</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Bradley J. Skapyak</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>The Bank of New York Mellon</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Chief Legal Officer</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Counsel</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Bennett A. MacDougall</FONT></P></TD>

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   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Proskauer Rose LLP</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Vice President and Secretary</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Transfer Agent,</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>James Bitetto</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Dividend Disbursing Agent</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Vice President and Secretaries</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9"><FONT style="FONT-SIZE: 1pt; VERTICAL-ALIGN: bottom">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #d9d9d9">

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><B><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>and Registrar</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Sonalee Cross</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Computershare Inc.</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Deirdre Cunnane</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>(Common Stock)</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Sarah S. Kelleher</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Deutsche Bank Trust Company America</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Jeff Prusnofsky</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>(Auction Preferred Stock)</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Treasurer</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>(Auction Preferred Stock)</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>James Windels</FONT></P></TD>

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   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>NYSE Symbol: LEO</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Gavin C. Reilly</FONT></P></TD>

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   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: bottom; FONT-STYLE: normal" color=#000000 face=cambria>Initial SEC Effective Date</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#141414 face=cambria>Robert S. Robol</FONT></P></TD>

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   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#000000 face=cambria>9/23/87</FONT></P></TD>

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   <P style="TEXT-ALIGN: left"><I><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal">The fund&#8217;s net asset value per share appears in the following publications: Barron&#8217;s, Closed-End Bond Funds section under the heading &#8220;Municipal Bond Funds&#8221; every Monday; and The Wall Street Journal, Mutual Funds section under the heading &#8220;Closed-End Funds&#8221; every Monday.</FONT></I></P></TD></TR>

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   <P style="TEXT-ALIGN: left"><I><FONT style="FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal">Notice is hereby given in accordance with Section 23(c) of the Act that the fund may purchase shares of its Common Stock in the open market when it can do so at prices below the then current net asset value per share.</FONT></I></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT><B><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" face=arial>45</FONT></B></FONT></P>

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<DIV style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 36pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=arial>For More Information</FONT></DIV></DIV>

<P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=arial>Dreyfus Strategic Municipals, Inc.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">200 Park Avenue<BR></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">New York, NY 10166</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=arial>Adviser</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The Dreyfus Corporation<BR></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">200 Park Avenue<BR></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">New York, NY 10166</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=arial>Custodian</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The Bank of New York Mellon<BR></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">240 Greenwich Street<BR></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">New York, NY 10286</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=arial>Transfer Agent &amp;<BR>Registrar (Common Stock)</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Computershare Inc.<BR></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">480 Washington Boulevard<BR></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Jersey City, NJ 07310</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=arial>Dividend Disbursing Agent (Common Stock)</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">Computershare Inc.<BR></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">P.O. Box 30170<BR></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">College Station, TX 77842</FONT></P>

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   <P style="TEXT-ALIGN: left"><B><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-STYLE: normal">Ticker Symbol:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal">LEO</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">The fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund&#8217;s Forms N-Q are available on the SEC&#8217;s website at </FONT><FONT><U><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">www.sec.gov</FONT></U></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at </FONT><FONT><U><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">www.dreyfus.com</FONT></U></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal"> and on the SEC&#8217;s website at </FONT><FONT><U><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal" color=#0000ff>www.sec.gov</FONT></U></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal"> and without charge, upon request, by calling 1-800-DREYFUS.</FONT></P>

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   <P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 8.5pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal"><BR>0853SA0319</FONT></P></TD>

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<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Code of Ethics.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Committee Financial Expert.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Accountant Fees and Services.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Committee of Listed Registrants.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(a)</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Managers of Closed-End Management Investment Companies.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">None.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Item 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Submission of Matters to a Vote of Security Holders.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There have been no material changes to the procedures applicable to Item 10.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Item 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Controls and Procedures.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR 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-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt 1in; TEXT-INDENT: -1in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Item 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The fund did not participate in a securities lending program during this period.</FONT></P>

<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Item 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(a)(1)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(a)(2)&nbsp;&nbsp;&nbsp;&nbsp; Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(a)(3)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 24pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">SIGNATURES<BR><BR></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Dreyfus Strategic Municipals, Inc.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Bradley J. Skapyak</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 28, 2019</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Bradley J. Skapyak</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 28, 2019</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">/s/ James Windels</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James Windels</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 28, 2019</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P></DIV>

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<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:10.0pt;">EXHIBIT INDEX</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(a)(2)&#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>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certification of principal executive and
principal financial officers as required by Rule 30a-2(b) under the Investment
Company Act of 1940.&#160; (EX-99.906CERT)</font></p>




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<TYPE>EX-99.CERT
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<FILENAME>exhibit302-853.htm
<DESCRIPTION>CERTIFICATION REQUIRED BY RULE 30A-2
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 1in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">[EX-99.CERT]&#8212;Exhibit&nbsp; (a)(2)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">SECTION 302 CERTIFICATION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">I, Bradley J. Skapyak, certify that:</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">1.&nbsp; I have reviewed this report on Form N-CSR of Dreyfus Strategic Municipals, Inc.;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2.&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">3.&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">4.&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 13.7pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 13.7pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 13.7pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 13.7pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">5.&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 13.7pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 13.7pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Bradley J. Skapyak</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 28, 2019</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">SECTION 302 CERTIFICATION</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">I, James Windels, certify that:</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">1.&nbsp; I have reviewed this report on Form N-CSR of Dreyfus Strategic Municipals, Inc.;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2.&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">3.&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">4.&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 13.7pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 13.7pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 13.7pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 13.7pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">5.&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 13.7pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 13.7pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">/s/ James Windels</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James Windels</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 28, 2019</FONT></P>

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<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>exhibit906-853.htm
<DESCRIPTION>CERTIFICATION REQUIRED BY SECTION 906
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=FR style="FONT-SIZE: 11pt" face="Times New Roman">[EX-99.906CERT]</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=FR style="FONT-SIZE: 11pt" face="Times New Roman">Exhibit (b)</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=FR style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=FR style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 24pt"><B><FONT lang=FR style="FONT-SIZE: 11pt" face="Times New Roman">SECTION 906 CERTIFICATIONS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=FR style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Bradley J. Skapyak</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President<BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 28, 2019</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">/s/ James Windels</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James Windels</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May&nbsp; 28, 2019</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.</FONT></I></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
