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<SEC-DOCUMENT>0000088053-09-000443.txt : 20090429
<SEC-HEADER>0000088053-09-000443.hdr.sgml : 20090429
<ACCEPTANCE-DATETIME>20090429145651
ACCESSION NUMBER:		0000088053-09-000443
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090228
FILED AS OF DATE:		20090429
DATE AS OF CHANGE:		20090429
EFFECTIVENESS DATE:		20090429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000839533
		IRS NUMBER:				363605060
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05655
		FILM NUMBER:		09778825

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20010123

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq022809mit.htm
<DESCRIPTION>N-Q - DWS MUNICIPAL INCOME TRUST
<TEXT>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><font SIZE=2>UNITED STATES</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>Washington, DC 20549</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>FORM N-Q</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font COLOR="#4F4F4F"><B><font SIZE=2>MANAGEMENT INVESTMENT COMPANY</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><b><font size=2>_______________________________ </font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Investment Company Act file number  811-05655</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><u><font size=2>DWS Municipal Income Trust</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Exact name of registrant as specified in charter)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>345 Park Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>New York, NY  10154</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Address of principal executive offices) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; (Zip code)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>Paul Schubert</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>345 Park Avenue</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><u><font size=2>New York, NY  10154-0004</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Name and address of agent for service)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Registrant's telephone number, including area code:  </font></font><u><font size=2>(212) 454-7190</font></u></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Date of fiscal year end:  </font><u><font size=2>11/30</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#4F4F4F"><font size=2>Date of reporting period:</font><u><font size=2> 2/28/09</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2>ITEM 1.  SCHEDULE OF INVESTMENTS</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="596" style='border-collapse:collapse; '>
    <tr >
        <td width="388" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=5>Investment Portfolio</font></p> </td>
        <td width="208" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>as of February 28, 2009  (Unaudited)  </font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;border-top:solid 0.5pt;padding-top:1;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>DWS Municipal Income Trust</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="586" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=center style='text-align:center;page-break-after:avoid'><b><font size=1>Principal</font></b><br> <b><font size=1>Amount ($)</font></b></p> </td>
        <td width="19" valign=bottom >
            <p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=center style='text-align:center'><b><font size=1>Value ($)</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="5" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Municipal Bonds and Notes 134.8%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Alabama 3.9%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>Camden, AL, Industrial Development Board Revenue, Series B, AMT, Prerefunded, 6.375%, 12/1/2024 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,161,260</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>Huntsville, AL, Hospital &amp; Healthcare Revenue, Health Care Authority, Series A, Prerefunded, 5.75%, 6/1/2031 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>5,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>6,035,920</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Huntsville, AL, Water &amp; Sewer Revenue, AMT, 5.75%, 10/1/2011 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>8,560,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>8,790,778</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="5" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>15,987,958</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:23.85pt'>
        <td  colspan="6" valign=bottom style=' height:23.85pt'>
            <p  style='page-break-after:avoid'><b><font size=2>Arizona 2.9%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>Arizona, Health Facilities Authority Revenue, Banner Health, Series D, 5.375%, 1/1/2032 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>3,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,823,210</font></p> </td> </tr>
    <tr>
        <td width="19" ></td>

        <td width="394" ></td>

        <td width="10" ></td>

        <td width="77" ></td>

        <td width="19" ></td>

        <td width="58" ></td>

        <td width="10" ></td> </tr> </table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="586" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Arizona, Hospital &amp; Healthcare Revenue, Health Facilities Authority, Catholic Healthcare West, Series A, 6.625%, 7/1/2020 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>7,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>7,533,330</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Arizona, Salt Verde Financial Corp., Gas Revenue:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>5.0%, 12/1/2037 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>1,050,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>677,481 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>5.5%, 12/1/2029 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in;page-break-after:avoid'><font size=1>1,400,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,037,988 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>12,072,009</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>California 15.2%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>California, Bay Area Toll Authority, Toll Bridge Revenue:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series B, 0.37% **, 4/1/2039</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,195,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,195,000</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series D-1, 0.4% **, 4/1/2045</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>2,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,000,000</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>California, Housing Finance Agency Revenue, Home Mortgage, Series C, AMT, 1.3% **, 8/1/2037 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,000,000</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>California, Special Assessment Revenue, Golden State Tobacco Securitization Corp., Series 2003-A-1, Prerefunded, 6.75%, 6/1/2039 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>11,730,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>13,819,934</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>California, State General Obligation:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>5.125%, 4/1/2024 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>4,400,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>4,401,716 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>5.25%, 4/1/2030 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:24.0pt'><font size=1>110,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>108,204 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>California, State Public Works Board Lease Revenue, Department of General Services, Capital East End, Series A, 5.25%, 12/1/2020 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>10,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>10,598,910</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>California, State Revenue Lease, Public Works Board, Department of Corrections, Series C, 5.5%, 6/1/2021 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>2,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,546,550</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Corona-Norco, CA, Unified School District, Election of 2006, Series A, 5.0%, 8/1/2031 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>5,130,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>5,061,720</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Kern, CA, High School District, Election of 2004, Series B, 5.0%, 8/1/2030 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>13,270,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>13,080,770</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Northern California, Tobacco Securitization Authority, Tobacco Settlement Revenue, Series A-1, 5.375%, 6/1/2038 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>3,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,758,360</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Sacramento, CA, Municipal Utility District, Electric Revenue:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series U, 5.0%, 8/15/2026 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>2,615,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,611,940 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series U, 5.0%, 8/15/2027 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>2,025,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,996,164 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Series U, 5.0%, 8/15/2028 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in;page-break-after:avoid'><font size=1>2,045,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,990,378 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>62,169,646</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Colorado 6.0%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Colorado, E-470 Public Highway Authority Revenue, Series A-1, 5.5%, 9/1/2024 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>2,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,106,750</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Colorado, Health Facilities Authority Revenue, Covenant Retirement Communities, Inc., 5.0%, 12/1/2035 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>2,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,516,675</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Colorado, Health Facilities Authority Revenue, Portercare Adventist Health System, Prerefunded, 6.5%, 11/15/2031 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,138,760</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Colorado, Hospital &amp; Healthcare Revenue, Poudre Valley Health Facilities:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, Prerefunded, 5.5%, 12/1/2017 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>6,145,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>6,431,726 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, Prerefunded, 6.0%, 12/1/2015 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>5,705,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>5,992,817 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, Prerefunded, 6.0%, 12/1/2016 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>2,000,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,100,900 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Colorado, Single Family Housing Revenue, Series B2, AMT, 7.25%, 10/1/2031 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:23.25pt'><font size=1>160,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>164,122</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Denver, CO, Airport Revenue, Series A, AMT, 6.0%, 11/15/2014 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>5,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>5,101,850</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>24,553,600</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>District of Columbia 1.3%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>District of Columbia, Series A, ETM, 5.5%, 6/1/2014 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:23.25pt'><font size=1>640,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>652,397</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>District of Columbia, Howard University Revenue, Series A, 5.0%, 10/1/2023 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>2,810,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,872,213</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>District of Columbia, State General Obligation, Series A, 5.5%, 6/1/2014 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>1,860,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,896,028</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>5,420,638</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Florida 5.6%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Hillsborough County, FL, Industrial Development Revenue, University Community Hospital Project, Series A, Prerefunded, 5.625%, 8/15/2023 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,033,620</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Miami-Dade County, FL, Educational Facilities Authority Revenue, University of Miami, Series A, 5.75%, 4/1/2028 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>3,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,066,360</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Miami-Dade County, FL, Transportation/Tolls Revenue, Expressway Authority:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>6.0%, 7/1/2013 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>1,665,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,757,408 </font></p> </td> </tr>
    <tr>
        <td width="19" ></td>

        <td width="384" ></td>

        <td width="10" ></td>

        <td width="10" ></td>

        <td width="77" ></td>

        <td width="19" ></td>

        <td width="58" ></td>

        <td width="10" ></td> </tr> </table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="586" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>6.0%, 7/1/2014 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>1,000,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,055,500 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>North Brevard County, FL, Hospital District Revenue, Parrish Medical Center Project:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>5.5%, 10/1/2028 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>5,290,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>4,423,339 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>5.75%, 10/1/2038 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>5,000,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>4,047,300 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series B, 5.25%, 12/1/2029 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>3,500,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,346,280 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Prerefunded, 5.75%, 12/1/2032 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>1,000,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,142,130 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Palm Beach County, FL, School District Revenue Lease, Series A, Prerefunded, 5.75%, 8/1/2017 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>2,850,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,065,859</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>22,937,796</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Georgia 5.1%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, 5.0%, 3/15/2020 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>7,250,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>6,063,900 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, 5.5%, 9/15/2024 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>5,000,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,854,400 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, 5.5%, 9/15/2028 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>10,000,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>7,410,500 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Georgia, Medical Center Hospital Authority Revenue, Anticipation Certificates, Columbus Regional Healthcare Systems, 6.5%, 8/1/2038 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>3,300,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,487,869</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>20,816,669</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Hawaii 4.3%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Hawaii, Airport System Revenue, Series B, AMT, 6.5%, 7/1/2013 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>8,800,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>9,152,704</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Hawaii, Electric Revenue, Department of Budget &amp; Finance, Series D, AMT, 6.15%, 1/1/2020 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>2,195,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,030,287</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Hawaii, Port Authority Revenue:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, AMT, 6.0%, 7/1/2011 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>2,950,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,076,054 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Series A, AMT, 6.0%, 7/1/2012 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in;page-break-after:avoid'><font size=1>3,135,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,249,145 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>17,508,190</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Idaho 0.5%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Idaho, Health Facilities Authority Revenue, St. Luke's Regional Medical Center, 6.75%, 11/1/2037 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>2,135,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>2,185,728</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Illinois 9.0%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Aurora, IL, Single Family Mortgage Revenue, Series C, AMT, 5.5%, 6/1/2045 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>6,672,980</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>6,559,339</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Chicago, IL, Airport Revenue, O'Hare International Airport, AMT, 5.5%, 1/1/2014 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>10,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>10,080,300</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Chicago, IL, Core City General Obligation:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, Prerefunded, 6.0%, 1/1/2014 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>2,085,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,246,608 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, Prerefunded, 6.125%, 1/1/2015 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>2,000,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,158,360 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, Prerefunded, 6.125%, 1/1/2016 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>2,000,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,158,360 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Chicago, IL, Other General Obligation, Neighborhoods Alive 21 Project:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, Prerefunded, 6.0%, 1/1/2015 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>1,000,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,077,510 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, Prerefunded, 6.0%, 1/1/2017 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>1,000,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,077,510 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Illinois, Finance Authority Revenue, Advocate Health Care Network, Series D, 6.5%, 11/1/2038 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,035,080</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Illinois, Finance Authority Revenue, Northwest Community Hospital, Series A, 5.5%, 7/1/2038 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>5,750,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>5,396,260</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Illinois, Finance Authority Revenue, Rush University Medical Center, Series B, 5.75%, 11/1/2028 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,250,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,092,713</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Illinois, Health Facilities Authority Revenue, Children's Memorial Hospital, Series A, Prerefunded, 5.625%, 8/15/2019 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>4,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>4,122,560</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>37,004,600</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Indiana 1.4%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Indiana, Hospital &amp; Healthcare Revenue, Health Facilities Authority, Prerefunded, 5.5%, 11/1/2031 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>5,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>5,580,800</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Kansas 0.8%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Overland Park, KS, Industrial Development Revenue, Series A, Prerefunded, 7.375%, 1/1/2032 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>3,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>3,315,840</font></b></p> </td> </tr>
    <tr>
        <td width="19" ></td>

        <td width="384" ></td>

        <td width="10" ></td>

        <td width="10" ></td>

        <td width="77" ></td>

        <td width="19" ></td>

        <td width="58" ></td>

        <td width="10" ></td> </tr> </table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="586" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Kentucky 3.5%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Kentucky, Economic Development Finance Authority, Health System Revenue, Norton Healthcare:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, Prerefunded, 6.5%, 10/1/2020 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:24.0pt'><font size=1>790,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>860,168 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, 6.5%, 10/1/2020 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>1,210,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,195,867 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, Prerefunded, 6.625%, 10/1/2028 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>3,135,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,419,596 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, 6.625%, 10/1/2028 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:24.0pt'><font size=1>865,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>782,522 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series A-1, 6.0%, 12/1/2042 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>4,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>4,083,560</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Louisville &amp; Jefferson County, KY, Metropolitan Government Health Systems Revenue, Norton Healthcare, Inc., 5.0%, 10/1/2030 </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>5,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,810,250</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>14,151,963</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Louisiana 0.4%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Louisiana, St. John Baptist Parish Revenue, Marathon Oil Corp., Series A, 5.125%, 6/1/2037 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>2,315,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>1,708,308</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Maine 0.1%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Maine, Hospital &amp; Healthcare Revenue, Series D, 5.7%, 7/1/2013 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:23.25pt'><font size=1>265,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>265,861</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Maryland 1.2%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Maryland, Hospital &amp; Healthcare Revenue, University of Maryland Medical System, Prerefunded, 6.75%, 7/1/2030 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>2,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,712,750</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Maryland, State Health &amp; Higher Educational Facilities Authority Revenue, Anne Arundel Health Systems, Series A, 6.75%, 7/1/2039 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,100,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,111,693</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Maryland, State Health &amp; Higher Educational Facilities Authority Revenue, Washington County Hospital, 5.75%, 1/1/2033 </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>1,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,176,555</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>5,000,998</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Massachusetts 2.3%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Massachusetts, Airport Revenue, U.S. Airways, Inc. Project, Series A, AMT, 5.875%, 9/1/2023 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>5,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,765,250</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Massachusetts, Port Authority Revenue, Series B, AMT, 5.5%, 7/1/2015 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>3,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,033,630</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Massachusetts, State Health &amp; Educational Facilities Authority Revenue, Boston Medical Center Project, 5.25%, 7/1/2038 </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>3,385,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,462,926</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>9,261,806</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Michigan 3.1%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Chippewa County, MI, Hospital &amp; Healthcare Revenue, Chippewa County War Memorial, Series B, 5.625%, 11/1/2014 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,295,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,177,660</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Michigan, Industrial Development Revenue:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Prerefunded, 5.5%, 6/1/2018 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>3,425,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,615,430 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Prerefunded, 5.75%, 6/1/2016 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>4,640,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>4,912,461 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Michigan, State Building Authority Revenue, Facilities Program, Series I, 6.0%, 10/15/2038 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,052,980</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Royal Oak, MI, Hospital Finance Authority Revenue, William Beaumont Hospital, 8.25%, 9/1/2039 </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>1,800,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,917,684</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>12,676,215</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Minnesota 2.0%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Minneapolis &amp; St. Paul, MN, Airport Revenue, Series B, AMT, 6.0%, 1/1/2012 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>4,395,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>4,521,752</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Minneapolis &amp; St. Paul, MN, Port Authority Revenue, Series B, AMT, 5.625%, 1/1/2015 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>2,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,526,850</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 6.75%, 11/15/2032 </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>1,140,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,194,857</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>8,243,459</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Mississippi 0.3%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Warren County, MS, Gulf Opportunity Zone, International Paper Co., Series A, 6.5%, 9/1/2032 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,525,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>1,072,441</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Missouri 0.3%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Missouri, Hospital &amp; Healthcare Revenue, Lake of the Ozarks General Hospital, 6.5%, 2/15/2021 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:23.25pt'><font size=1>365,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>338,245</font></p> </td> </tr>
    <tr>
        <td width="19" ></td>

        <td width="384" ></td>

        <td width="10" ></td>

        <td width="10" ></td>

        <td width="77" ></td>

        <td width="19" ></td>

        <td width="58" ></td>

        <td width="10" ></td> </tr> </table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="586" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>St. Charles County, MO, Industrial Development Authority Revenue, National Cart Project, Series A, AMT, 0.7% **, 11/1/2023, US Bank NA (b) </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:23.25pt;page-break-after:avoid'><font size=1>960,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>960,000</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>1,298,245</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Nevada 2.1%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Henderson, NV, Health Care Facility Revenue, Catholic Healthcare West, Series B, 5.25%, 7/1/2031 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>10,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>8,631,300</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>New Jersey 5.9%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>New Jersey, Economic Development Authority Revenue, Cigarette Tax, 5.75%, 6/15/2034 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,090,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>795,068</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>New Jersey, Hospital &amp; Healthcare Revenue, General Hospital Center at Passaic, ETM, 6.75%, 7/1/2019 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>5,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>6,249,650</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>New Jersey, Industrial Development Revenue, American Water Co., Inc. Project, Series A, AMT, 6.875%, 11/1/2034 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>10,775,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>9,669,269</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>New Jersey, Industrial Development Revenue, Economic Development Authority, Harrogate, Inc., Series A, 5.875%, 12/1/2026 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,400,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>973,980</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>New Jersey, Resource Recovery Revenue, Tobacco Settlement Financing Corp., 5.75%, 6/1/2032 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,875,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,041,444</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>New Jersey, State Transportation Trust Fund Authority, Transportation Systems, Series A, 6.0%, 12/15/2038 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>3,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,175,110</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>New Jersey, Tobacco Settlement Financing Corp., Series 1-A, 5.0%, 6/1/2041 </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>2,200,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,170,070</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>24,074,591</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>New York 5.5%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Nassau County, NY, Hospital &amp; Healthcare, Prerefunded, 6.0%, 8/1/2015 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>3,390,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,532,888</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, City University, Series A, 5.625%, 7/1/2016 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,692,570</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>New York, Tobacco Settlement Financing Corp., Series B-1C, 5.5%, 6/1/2019 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>15,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>15,887,810</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Niagara Falls, NY, School District General Obligation, 5.6%, 6/15/2014 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>1,180,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,395,905</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>22,509,173</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>North Carolina 2.7%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Charlotte, NC, Airport Revenue:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series B, AMT, 5.75%, 7/1/2013 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>2,480,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,514,943 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series B, AMT, 5.875%, 7/1/2014 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>1,140,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,155,470 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>North Carolina, Electric Revenue, Municipal Power Agency:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series C, 5.375%, 1/1/2017 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>1,000,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,026,430 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series B, 6.375%, 1/1/2013 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>3,000,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,104,760 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>North Carolina, Medical Care Commission, Health Care Facilities Revenue, University Health Systems, Series D, 6.25%, 12/1/2033 </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>3,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,107,130</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>10,908,733</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>North Dakota 0.9%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Grand Forks, ND, Hospital &amp; Healthcare Revenue, Altru Health Care System, Prerefunded, 7.125%, 8/15/2024 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>3,400,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>3,724,972</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Ohio 4.1%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Buckeye, OH, Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/1/2030 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>19,820,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>12,570,042</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Green Springs, OH, Senior Care Revenue, St. Francis Health Care Center Project, Series A, 7.125%, 5/15/2025 * </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>6,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>4,365,540</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>16,935,582</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Oklahoma 1.2%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Oklahoma, State Turnpike Authority Revenue, Series E, 3.5% **, 1/1/2028 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>5,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>5,000,000</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Pennsylvania 0.6%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Pennsylvania, Hospital &amp; Healthcare Revenue, Economic Development Financing Authority, UPMC Health System, Series A, 6.0%, 1/15/2031 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>2,570,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>2,598,527</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Rhode Island 0.5%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Rhode Island, Health &amp; Educational Building Corp., Higher Education Facility Revenue, University of Rhode Island, Series A, 6.25%, 9/15/2034 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>2,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>1,977,280</font></b></p> </td> </tr>
    <tr>
        <td width="19" ></td>

        <td width="384" ></td>

        <td width="10" ></td>

        <td width="10" ></td>

        <td width="77" ></td>

        <td width="19" ></td>

        <td width="58" ></td>

        <td width="10" ></td> </tr> </table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="586" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>South Carolina 2.9%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Greenwood County, SC, Hospital &amp; Healthcare Revenue, South Carolina Memorial Hospital, 5.5%, 10/1/2031 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,278,720</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, Palmetto Health Alliance:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series C, Prerefunded, 7.0%, 8/1/2030 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>5,420,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>6,461,807</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, Prerefunded, 7.375%, 12/15/2021 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>2,000,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,238,100 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>South Carolina, Tobacco Settlement Revenue Management Authority, Series B, 6.0%, 5/15/2022 </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>1,790,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,887,000</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>11,865,627</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>South Dakota 0.3%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>South Dakota, State Health &amp; Educational Facilities Authority Revenue, Sanford Health, 5.0%, 11/1/2027 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>1,407,195</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Tennessee 6.4%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-A, 0.68% **, 6/1/2030, Branch Banking &amp; Trust (b) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>5,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>5,000,000</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Clarksville, TN, Natural Gas Acquisition Corp., Gas Revenue, 5.0%, 12/15/2021 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>2,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,522,040</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Jackson, TN, Hospital Revenue, Jackson-Madison Project, 5.625%, 4/1/2038 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>4,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,834,240</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Memphis-Shelby County, TN, Airport Revenue, Series D, AMT, 6.25%, 3/1/2017 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>4,690,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>4,788,255</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Selmer-McNairy County, TN, Industrial Development Board Revenue, United Stainless, Inc., AMT, 0.9% **, 12/1/2023, Bank of America NA (b) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>2,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,000,000</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Shelby County, TN, Health Educational &amp; Housing Facility Board, Hospital Revenue, Methodist Health Care, Prerefunded, 6.5%, 9/1/2026</font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>7,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>8,102,920</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Sullivan County, TN, Health, Educational &amp; Housing Facilities Board, Hospital Revenue, Wellmont Health Systems Project, Series C, 5.25%, 9/1/2036 </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>2,050,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,240,537</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>26,487,992</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Texas 21.7%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Austin, TX, Sales &amp; Special Tax Revenue, Hotel Occupancy Tax:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Prerefunded, 6.0%, 11/15/2015 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>3,480,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,609,665 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Prerefunded, 6.0%, 11/15/2016 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>3,625,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,760,068 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Brazos River, TX, Pollution Control Revenue, Brazos River Authority, Texas Utilities Electric Co. Project, Series C, AMT, 5.75%, 5/1/2036 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>3,965,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,706,390</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann Healthcare Systems, Series B, 7.25%, 12/1/2035 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,052,330</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Harris County, TX, Hospital &amp; Healthcare Revenue, Health Facilities Development Corp., Memorial Hermann Healthcare Systems, Series A, Prerefunded, 6.375%, 6/1/2029 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>5,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>6,145,755</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Harris County, TX, Houston Port Authority, Series A, AMT, 6.25%, 10/1/2029 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>3,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,071,460</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Houston, TX, Airport Revenue, People Mover Project, Series A, AMT, 5.5%, 7/15/2017 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>3,300,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,301,947</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Houston, TX, Port Authority Revenue, Airport Revenue, Series A, AMT, 5.875%, 7/1/2014 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>3,960,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>4,053,139</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>North Texas, Higher Education Authority, Inc., Student Loan Revenue, Series A, AMT,      0.9% **, 12/1/2038, Lloyds Banking Group PLC (b) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>2,600,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,600,000</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>North Texas, Tollway Authority Revenue:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>First Tier, Series A, 5.625%, 1/1/2033</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>3,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,347,155</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Second Tier, Series F, 5.75%, 1/1/2038</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>6,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>5,946,460</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Red River, TX, Education Finance Revenue Lease, St. Mark's School Project, Prerefunded, 6.0%, 8/15/2019 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>5,390,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>5,664,459</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Tarrant County, TX, Cultural Educational Facilities Finance Corp. Revenue, Texas Health Resources, Series A, 5.0%, 2/15/2026 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>4,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,683,680</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Tarrant County, TX, Hospital &amp; Healthcare Revenue, Health Facilities Development Corp., Prerefunded, 6.7%, 11/15/2030 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>4,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>4,939,650</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Texas, Dallas/Fort Worth International Airport Revenue, Series A, AMT, 5.875%, 11/1/2016 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>6,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>6,728,410</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Texas, Industrial Development Revenue, Waste Disposal Authority, Series A, AMT, 6.1%, 8/1/2024 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>2,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,422,860</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Texas, Municipal Gas Acquisition &amp; Supply Corp. I, Gas Supply Revenue:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series B, 2.037% ***, 12/15/2026 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>12,000,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>5,535,000 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series D, 6.25%, 12/15/2026 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>5,000,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>4,135,150 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid; '>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue:</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="19" ></td>

        <td width="384" ></td>

        <td width="10" ></td>

        <td width="10" ></td>

        <td width="77" ></td>

        <td width="19" ></td>

        <td width="58" ></td>

        <td width="10" ></td> </tr> </table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="586" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>5.5%, 8/1/2021 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>1,155,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>926,645 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>5.5%, 8/1/2025 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>7,250,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>5,574,452 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Texas, State Turnpike Authority, Dallas Northway Revenue, 5.5%, 1/1/2015 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:13.5pt;page-break-after:avoid'><font size=1>10,865,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>10,992,772</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="9" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>89,197,447</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Washington 3.9%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Seattle, WA, Airport Revenue, Series B, AMT, 6.0%, 2/1/2013 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>7,355,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>7,765,483</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Seattle, WA, Special Assessment Revenue:</font></p> </td>
        <td   colspan="6">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series B, AMT, 5.5%, 9/1/2011 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>1,085,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,109,109 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series B, AMT, 5.75%, 9/1/2013 (a) </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>1,045,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,061,406 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Washington, Hospital &amp; Healthcare Revenue, Group Health Coop of Puget Sound, 5.375%, 12/1/2017 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>1,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>1,480,620</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Washington, State Health Care Facilities Authority Revenue, Series C, 5.375%, 8/15/2028 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>5,240,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,802,249</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, Series A, 6.125%, 8/15/2037 </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>1,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>774,830</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="9" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>15,993,697</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>West Virginia 4.9%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>West Virginia, Hospital &amp; Healthcare Revenue, Hospital Finance Authority, Charleston Medical Center:</font></p> </td>
        <td   colspan="6">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Series A, Prerefunded, 6.75%, 9/1/2022 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>2,355,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,565,184 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Prerefunded, 6.75%, 9/1/2030 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:24.0pt'><font size=1>395,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>430,254 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>West Virginia, Hospital Finance Authority, Charleston Medical Center:</font></p> </td>
        <td   colspan="6">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Prerefunded, 6.75%, 9/1/2022 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:.25in'><font size=1>9,645,000 </font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>10,505,816 </font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="384" valign=bottom >
            <p ><font size=1>Prerefunded, 6.75%, 9/1/2030 </font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>3,605,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,926,746</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>West Virginia, Water &amp; Sewer Revenue, Water Development Authority, Series B, 5.25%, 11/1/2023 (a) </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>2,740,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>2,826,529</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="9" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>20,254,529</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Wisconsin 2.0%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>Badge, WI, Tobacco Asset Securitization Corp., 6.125%, 6/1/2027 </font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>3,635,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,468,044</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Wisconsin, Hospital &amp; Healthcare Revenue, Health &amp; Education Facilities Authority, Aurora Health Care, Inc., Series A, 5.6%, 2/15/2029 </font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>6,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>4,587,900</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="9" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '><b><font size=1>8,055,944</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="9" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="5" valign=bottom >
            <p ><b><font size=1>Total Municipal Bonds and Notes</font></b><font size=1> (Cost $552,637,333)</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>552,855,359</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Municipal Inverse Floating Rate Notes (c) 68.6%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>California 4.9%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series F, 5.0%, </font></p>
<p  style='text-indent:14.25pt;page-break-after:avoid'><font size=1>4/1/2031 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>10,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>9,835,551</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><i><font size=1>Trust: California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series 1962-5, 144A, 13.534%, 4/1/2031, Leverage Factor at purchase date: 3 to 1 </font></i></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>California, State General Obligation, 5.0%, 6/1/2023 (a) (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:13.5pt;page-break-after:avoid'><font size=1>10,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>10,136,450</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><i><font size=1>Trust: California, State General Obligation, Series 1932, 144A, 13.7%, 6/1/2023, Leverage Factor at purchase date: 4 to 1 </font></i></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="9" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>19,972,001</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Florida 15.2%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Miami-Dade County, FL, Aviation Revenue, Miami International Airport, Series A, AMT, </font></p>
<p  style='text-indent:14.25pt;page-break-after:avoid'><font size=1>5.25%, 10/1/2033 (a) (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>34,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>30,342,110</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><i><font size=1>Trust: Miami-Dade County, FL, Port, Airport &amp; Marina Improvements, Series 2008-1144, 144A, AMT, 9.27%, 10/1/2033, Leverage Factor at purchase date: 2 to 1  </font></i></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2023 (a) (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>3,740,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,662,949</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2024 (a) (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>3,915,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>3,834,344</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2025 (a) (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>4,122,500</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>4,037,569</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2026 (a) (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:17.25pt;page-break-after:avoid'><font size=1>4,317,500</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>4,228,551</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2032 (a) (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='text-indent:13.5pt;page-break-after:avoid'><font size=1>16,470,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>16,130,688</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><i><font size=1>Trust: Miami-Dade County, FL, Transit Improvements, Series 2008-1160, 144A, 9.021%, 7/1/2023, Leverage Factor at purchase date: 2 to 1  </font></i></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="9" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>62,236,211</font></b></p> </td> </tr>
    <tr>
        <td width="19" ></td>

        <td width="384" ></td>

        <td width="10" ></td>

        <td width="10" ></td>

        <td width="58" ></td>

        <td width="19" ></td>

        <td width="19" ></td>

        <td width="58" ></td>

        <td width="10" ></td> </tr> </table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="586" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Massachusetts 5.7%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/1/2032 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>18,250,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>18,372,354</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/1/2037 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>5,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>5,033,522</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="394" valign=bottom >
            <p ><i><font size=1>Trust: Massachusetts, State Pollution Control, Water Utility Improvements, Series 3159, 144A, 12.912%, 8/1/2032, Leverage Factor at purchase date: 3 to 1 </font></i></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="5" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>23,405,876</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Nevada 6.9</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2028 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>9,447,355</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>9,222,108</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2029 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>9,919,723</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>9,683,213</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2030 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>9,627,878</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>9,398,327</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="394" valign=bottom >
            <p ><i><font size=1>Trust: Clark County, NV, Series 3158, 144A, 12.874%, 6/1/2028, Leverage Factor at purchase date: 3 to 1 </font></i></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="5" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>28,303,648</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>New York 18.9%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%, </font></p>
<p  style='text-indent:14.25pt;page-break-after:avoid'><font size=1>3/15/2026 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>13,500,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>13,835,475</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="394" valign=bottom >
            <p ><i><font size=1>Trust: New York, State Dormitory Authority Revenue, Series 2008-1189, 144A, 9.07%, 3/15/2026, Leverage Factor at purchase date: 2 to 1 </font></i></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A,</font></p>
<p  style='text-indent:14.25pt;page-break-after:avoid'><font size=1>5.0%, 3/15/2026 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>10,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>10,225,913</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="394" valign=bottom >
            <p ><i><font size=1>Trust: New York, State Dormitory Authority Revenue, Series 3160, 144A, 12.914%, 3/15/2026, Leverage Factor at purchase date: 3 to 1 </font></i></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>New York, State Dormitory Authority Revenues, State Supported Debt, University Dormitory </font></p>
<p  style='text-indent:12.75pt;page-break-after:avoid'><font size=1>Facilities, 5.0%, 7/1/2025 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>5,425,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>5,432,184</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>New York, State Dormitory Authority Revenues, State Supported Debt, University Dormitory</font></p>
<p  style='text-indent:12.75pt;page-break-after:avoid'><font size=1>Facilities, 5.0%, 7/1/2027 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>8,080,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>8,090,701</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="394" valign=bottom >
            <p ><i><font size=1>Trust: New York, State Dormitory Authority Revenues, Series 3169, 144A, 12.911%, 7/1/2025, Leverage Factor at purchase date: 3 to 1 </font></i></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>New York, State Dormitory Authority, State Personal Income Tax Revenues, Series A, 5.0%,</font></p>
<p  style='text-indent:14.25pt;page-break-after:avoid'><font size=1>3/15/2024 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>10,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>10,358,900</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="394" valign=bottom >
            <p ><i><font size=1>Trust: New York, State Dormitory Authority Revenues, Secondary Issues, Series 1955-3, 144A, 17.72%, 3/15/2024, Leverage Factor at purchase date: 4 to 1 </font></i></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>New York, Triborough Bridge &amp; Tunnel Authority Revenues, Series C, 5.0%, 11/15/2033 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>12,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>11,798,580</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="394" valign=bottom >
            <p ><i><font size=1>Trust: New York, Triborough Bridge &amp; Tunnel Authority Revenues, Series 2008-1188, 144A, 9.07%, 11/15/2033, Leverage Factor at purchase date: 2 to 1 </font></i></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>New York City, NY, Transitional Finance Authority Revenue, Series C-1, 5.0%, 11/1/2027 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt;page-break-after:avoid'><font size=1>17,560,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>17,780,817</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="394" valign=bottom >
            <p  style='page-break-after:avoid'><i><font size=1>Trust: New York City, NY, Series 2008-1190, 144A, 9.07%, 11/1/2027, Leverage Factor at purchase date: 2 to 1 </font></i></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="5" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>77,522,570</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Pennsylvania 2.5%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Pennsylvania, State General Obligation, Second Series, 5.0%, 1/1/2025 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>10,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>10,416,750</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="394" valign=bottom >
            <p ><i><font size=1>Trust: Pennsylvania, State General Obligation, Public Transit Improvements, Series 2008-1146, 144A, 9.02%, 1/1/2025, Leverage Factor at purchase date: 2 to 1 </font></i></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Tennessee 7.9%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Nashville &amp; Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2027 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>10,756,695</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>11,081,754</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="394" valign=bottom >
            <p ><i><font size=1>Trust: Nashville &amp; Davidson County, TN, Metropolitan Government, Series 2631-3, 144A, 17.355%, 1/1/2027, Leverage Factor at purchase date: 4 to 1 </font></i></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Nashville &amp; Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2026 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>10,200,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>10,598,361</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="394" valign=bottom >
            <p ><i><font size=1>Trust: Nashville &amp; Davidson County, TN, Metropolitan Government, Series 2631-2, 144A, 17.36%, 1/1/2026, Leverage Factor at purchase date: 4 to 1 </font></i></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Nashville &amp; Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2028 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt;page-break-after:avoid'><font size=1>10,564,925</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>10,822,114</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="394" valign=bottom >
            <p  style='page-break-after:avoid'><i><font size=1>Trust: Nashville &amp; Davidson County, TN, Metropolitan Government, Series 2631-4, 144A, 17.368%, 1/1/2028, Leverage Factor at purchase date: 4 to 1 </font></i></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="7" valign=bottom >
            <p  style='page-break-after:avoid'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="5" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>32,502,229</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Texas 2.6%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Texas, State General Obligation, Transportation Commission Mobility Fund, 5.0%, 4/1/2025 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  style='text-indent:13.5pt'><font size=1>10,000,000</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>10,436,200</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="394" valign=bottom >
            <p ><i><font size=1>Trust: Texas, State Highway &amp; Transit Improvements, Series 2008-1147, 144A, 9.02%, 4/1/2025, Leverage Factor at purchase date: 2 to 1 </font></i></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="77" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="19" ></td>

        <td width="394" ></td>

        <td width="10" ></td>

        <td width="77" ></td>

        <td width="19" ></td>

        <td width="58" ></td>

        <td width="10" ></td> </tr> </table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="586" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td  colspan="23" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=2>Virginia 4.0%</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="15" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2027 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="4" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>8,190,000</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>8,481,361</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="15" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2028 (d)</font></p> </td>
        <td width="10" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="4" valign=bottom >
            <p  style='text-indent:17.25pt'><font size=1>7,630,000</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>7,901,439</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="19" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="14" valign=bottom >
            <p ><i><font size=1>Trust: Virginia, State Resource Authority, Clean Water Revenue, Series 2917, 144A, 10.802%, 10/1/2027, Leverage Factor at purchase date: 2.5 to 1 </font></i></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="4" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  ><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="24" valign=bottom >
            <p  style='page-break-after:avoid'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="22" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>16,382,800</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="24" valign=bottom >
            <p  style='page-break-after:avoid'>
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="17" valign=bottom >
            <p ><b><font size=1>Total Municipal Inverse Floating Rate Notes</font></b><font size=1> (Cost $286,806,805)</font></p> </td>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="4" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>281,178,285</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="17" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="4" valign=bottom >
            <p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="15" valign=bottom >
            <p  style='page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="5" valign=bottom >
            <p  align=center style='text-align:center;page-break-after:avoid'><b><font size=1>% of</font></b><br> <b><font size=1>Net Assets</font></b></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom >
            <p  align=center style='text-align:center'><b><font size=1>Value ($)</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="24" valign=bottom >
            <p  style='page-break-after:avoid'>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="14" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=1>Total Investment Portfolio</font></b><font size=1> (Cost $839,444,138) &#134;</font></p> </td>
        <td  colspan="6" valign=bottom >
            <p  style='text-indent:45.0pt;page-break-after:avoid'><font size=1>203.4</font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>834,033,644</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="14" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=1>Other Assets and Liabilities, Net </font></b></p> </td>
        <td  colspan="6" valign=bottom >
            <p  style='text-indent:46.5pt;page-break-after:avoid'><font size=1>(38.8)</font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>(158,929,608)</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="14" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=1>Preferred Shares, at Redemption Value</font></b></p> </td>
        <td  colspan="6" valign=bottom >
            <p  style='text-indent:46.5pt;page-break-after:avoid'><font size=1>(64.6)</font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>(265,000,000)</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="24" valign=bottom >
            <p  align=right style='text-align:right;page-break-after:avoid; '>
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="14" valign=bottom >
            <p  style='page-break-after:avoid'><b><font size=1>Net Assets Applicable to Common Shareholders</font></b></p> </td>
        <td  colspan="6" valign=bottom >
            <p  style='text-indent:45.0pt;page-break-after:avoid'><font size=1>100.0</font></p> </td>
        <td width="10" valign=bottom >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=bottom >
            <p  align=right style='text-align:right'><b><font size=1>410,104,036</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="24" valign=bottom >
            <p ><i><font size=1>For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.</font></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=top >
            <p ><i><font size=1>*</font></i></p> </td>
        <td  colspan="22" valign=bottom >
            <p ><i><font size=1>Non-income producing security.  In the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or interest. The following table represents bonds that are in default:</font></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Security</font></b></p> </td>
        <td width="10" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Coupon</font></b></p> </td>
        <td width="10" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="78" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Maturity</font></b><br> <b><font size=1>Date</font></b></p> </td>
        <td width="10" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Principal            Amount ($)</font></b></p> </td>
        <td  colspan="7" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Acquisition</font></b><br> <b><font size=1>Cost ($)</font></b></p> </td>
        <td width="10" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Value ($)</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Green Springs, OH, Senior</font></p>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Care Revenue, St. Francis </font></p>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Health Care Center Project, </font></p>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Series A</font></p> </div> </td>
        <td width="10" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </div> </td>
        <td width="39" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>7.125%</font></p> </div> </td>
        <td width="10" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </div> </td>
        <td width="78" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>5/15/2025</font></p> </div> </td>
        <td width="10" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </div> </td>
        <td width="76" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in;margin-left:.1in;margin-right: 0in'>
<p style='margin-left:0in;text-indent:7.05pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>6,000,000</font></p> </div> </td>
        <td width="1" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </div> </td>
        <td  colspan="2" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </div> </td>
        <td width="1" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </div> </td>
        <td  colspan="5" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in;margin-left:.1in;margin-right: 0in'>
<p style='margin-left:0in;text-indent:27.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>5,917,429</font></p> </div> </td>
        <td width="10" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </div> </td>
        <td  colspan="5" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>4,365,540</font></b></p> </div> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=top >
            <p ><i><font size=1>**</font></i></p> </td>
        <td  colspan="22" valign=bottom >
            <p ><i><font size=1>Variable rate demand notes are securities whose interest rates are reset periodically at market levels.  These securities are often payable on demand and are shown at their current rates as of February 28, 2009.</font></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=top >
            <p ><i><font size=1>***</font></i></p> </td>
        <td  colspan="22" valign=bottom >
            <p ><i><font size=1>Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.  These securities are shown at their current rate as of February 28, 2009.</font></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=top >
            <p ><i><font size=1>&#134;</font></i></p> </td>
        <td  colspan="22" valign=bottom >
            <p ><i><font size=1>The cost for federal income tax purposes was $839,030,681.  At February 28, 2009, net unrealized depreciation for all securities based on tax cost was $4,997,037.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $25,326,191 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $30,323,228.</font></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=top >
            <p ><i><font size=1>(a)</font></i></p> </td>
        <td  colspan="22" valign=bottom >
            <p ><i><font size=1>Bond is insured by one of these companies:</font></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="17" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Insurance Coverage</font></b></p> </td>
        <td  colspan="6" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>As a % of Total</font></b><br> <b><font size=1>Investment Portfolio</font></b></p> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="17" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Ambac Financial Group, Inc.</font></p> </div> </td>
        <td  colspan="6" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7.2</font></p> </div> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="17" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Assured Guaranty Corp.</font></p> </div> </td>
        <td  colspan="6" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>4.5</font></p> </div> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="17" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Financial Guaranty Insurance Co.</font></p> </div> </td>
        <td  colspan="6" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>7.0</font></p> </div> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="17" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Financial Security Assurance, Inc.</font></p> </div> </td>
        <td  colspan="6" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>13.8</font></p> </div> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="17" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>MBIA Corp.</font></p> </div> </td>
        <td  colspan="6" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>3.5</font></p> </div> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="17" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Radian</font></p> </div> </td>
        <td  colspan="6" valign=bottom >
            <div style='border-bottom:solid black 1.0pt;padding:0in 0in 1.0pt 0in'>
<p style='margin-left:7.2pt;text-indent:-7.2pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>0.5</font></p> </div> </td>
        <td  width="10">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=top >
            <p ><i><font size=1>(b)</font></i></p> </td>
        <td  colspan="22" valign=bottom >
            <p ><i><font size=1>Security incorporates a letter of credit from the bank listed.</font></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=top >
            <p ><i><font size=1>(c)</font></i></p> </td>
        <td  colspan="22" valign=bottom >
            <p ><i><font size=1>Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund.</font></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=top >
            <p ><i><font size=1>(d)</font></i></p> </td>
        <td  colspan="22" valign=bottom >
            <p ><i><font size=1>Security forms part of the below tender option bond trust.  Principal Amount and Value shown take into account the leverage factor.</font></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="24" valign=bottom >
            <p ><i><font size=1>144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</font></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="24" valign=bottom >
            <p ><i><font size=1>AMT: Subject to alternative minimum tax.</font></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="24" valign=bottom >
            <p ><i><font size=1>ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by US Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.</font></i></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="24" valign=bottom >
            <p ><i><font size=1>Prerefunded: Bonds which are prerefunded are collateralized usually by US Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.</font></i></p> </td> </tr>
    <tr>
        <td width="19" ></td>

        <td width="10" ></td>

        <td width="108" ></td>

        <td width="10" ></td>

        <td width="39" ></td>

        <td width="10" ></td>

        <td width="78" ></td>

        <td width="10" ></td>

        <td width="76" ></td>

        <td width="1" ></td>

        <td width="24" ></td>

        <td width="2" ></td>

        <td width="1" ></td>

        <td width="16" ></td>

        <td width="10" ></td>

        <td width="10" ></td>

        <td width="58" ></td>

        <td width="8" ></td>

        <td width="10" ></td>

        <td width="1" ></td>

        <td width="10" ></td>

        <td width="10" ></td>

        <td width="58" ></td>

        <td width="10" ></td> </tr> </table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Fair Value Measurements</font></b></i></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><font size=1>Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, &#147;Fair Value Measurements,&#148; establishes a three-tier hierarchy for measuring fair value and requires additional disclosure about the classification of fair value measurements.</font></i></p>

<p style=' margin-bottom:5pt; margin-top:5pt;text-align:left;'><i><font size=1>Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</font></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><font size=1>The following is a summary of the inputs used as of February 28, 2009 in valuing the Fund's investments. Please see below for information on the Fund&#146;s policy regarding valuation inputs, and their aggregate levels used in the table below:</font></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="332" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:11.25pt'>
        <td width="205" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><font size=1>Valuation Inputs</font></b></p> </td>
        <td width="127" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Investments in  Securities </font></b></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="205" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Level 1 </font></p> </td>
        <td width="127" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>$                                 -   </font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="205" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Level 2 </font></p> </td>
        <td width="127" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:11.25pt'>
            <p style='margin-left:0pt;text-indent:44.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>834,033,644  </font></p> </td> </tr>
    <tr style='height:11.25pt'>
        <td width="205" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Level 3 </font></p> </td>
        <td width="127" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:11.25pt'>
            <p style='margin-left:0pt;text-indent:72.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>-   </font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td width="205" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Total </font></b></p> </td>
        <td width="127" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=1>$              834,033,644   </font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:3pt;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 2.</font></B></p> </td>
        <td width="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CONTROLS AND PROCEDURES</font></B></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive and Financial Officers concluded that the Registrant&#146;s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no changes in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal controls over financial reporting.</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 3.</font></B></p> </td>
        <td width="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>EXHIBITS</font></B></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="494" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:.2pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="317" style='border-collapse:collapse; '>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="125" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr></table>
</div>



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<table border="0" cellspacing=0 cellpadding=0 width="304" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="289" style='border-collapse:collapse; '>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="97" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>April 22, 2009</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>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-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>April 22, 2009</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>Chief Financial Officer and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 22, 2009</font></p>



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<p style=' margin-bottom:5pt; margin-top:5pt;text-align:center;'><font COLOR="#454545"><B><font SIZE=2>CERTIFICATIONS</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font COLOR="#454545"><font SIZE=2>I, </font></font><font size=2>Michael G. Clark</font><font color="#454545"><font size=2>, certify that:</font></font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>1.</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>I have reviewed this report on Form N-Q of </font></font><font size=2>DWS Municipal Income Trust</font><font color="#454545"><font size=2>;</font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>2. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
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        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>3. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>4. </font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(b)</font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(c)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(d)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>5. </font></font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>April 22, 2009</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:5pt; margin-top:0pt;text-align:center;'>
<font COLOR="#454545"><B><font SIZE=2>CERTIFICATIONS</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font COLOR="#454545"><font SIZE=2>I, </font></font><font size=2>Paul Schubert</font><font color="#454545"><font size=2>, certify that:</font></font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>1.</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>I have reviewed this report on Form N-Q of </font></font><font size=2>DWS Municipal Income Trust</font><font color="#454545"><font size=2>;</font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>2.</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>3.</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>4.</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(b)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(c)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(d)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>5.</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>(a)</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font color="#454545"><font size=2>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></font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>Chief Financial Officer and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in; text-indent:-2in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>April 22, 2009</font> </p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in; text-indent:-2in;text-align:left;'><font size=2>&nbsp;</font></p>


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