<SEC-DOCUMENT>0000088053-17-001267.txt : 20170802
<SEC-HEADER>0000088053-17-001267.hdr.sgml : 20170802
<ACCEPTANCE-DATETIME>20170802165935
ACCESSION NUMBER:		0000088053-17-001267
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20170531
FILED AS OF DATE:		20170802
DATE AS OF CHANGE:		20170802
EFFECTIVENESS DATE:		20170802

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05655
		FILM NUMBER:		171000956

	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:	DWS MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20060206

	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-CSRS
<SEQUENCE>1
<FILENAME>sr53117mit.htm
<DESCRIPTION>DEUTSCHE MUNICIPAL INCOME TRUST
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">WASHINGTON, D. C. 20549</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">FORM N-CSRS</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Investment Company Act file number: 811-05655</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 12pt 0 0; text-align: center"><U>Deutsche Municipal Income Trust</U></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in Charter)</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">345 Park Avenue</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><U>New York, NY 10154-0004</U></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">(Address of Principal Executive Offices) (Zip
Code)</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">Registrant&rsquo;s Telephone Number, including
Area Code: <U>(212) 250-3220</U></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">Paul Schubert</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">345 Park Avenue</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><U>New York, NY 10154-0004</U></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">(Name and Address of Agent for Service)</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 113.4pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Date of fiscal year end:</FONT></TD>
    <TD STYLE="width: 329.4pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">11/30</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Date of reporting period:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5/31/2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72.25pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>ITEM 1.</B></FONT></TD>
    <TD STYLE="width: 370.55pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>REPORT TO STOCKHOLDERS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_001.jpg" ALT="MIT_covermask0" STYLE="height: 25px; width: 107px"></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center; color: #00128D">May 31, 2017</P>

<P STYLE="font: 24pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center; color: #00128D"><B>Semiannual
Report<BR>
to Shareholders</B></P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center; color: #00128D"><B>Deutsche
Municipal Income Trust</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center; color: #00128D">Ticker Symbol:
KTF</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_002.jpg" ALT="MIT_square0" STYLE="height: 51px; width: 51px"></P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Contents</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>3</B></FONT>
        <FONT STYLE="font-size: 12pt">Performance Summary</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>5</B></FONT>
        <FONT STYLE="font-size: 12pt">Portfolio Management Team</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>5</B></FONT>
        <FONT STYLE="font-size: 12pt">Portfolio Summary</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>7</B></FONT>
        <FONT STYLE="font-size: 12pt">Investment Portfolio</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>22</B></FONT>
        <FONT STYLE="font-size: 12pt">Statement of Assets and Liabilities</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>23</B></FONT>
        <FONT STYLE="font-size: 12pt">Statement of Operations</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>24</B></FONT>
        <FONT STYLE="font-size: 12pt">Statement of Cash Flows</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>25</B></FONT>
        <FONT STYLE="font-size: 12pt">Statements of Changes in Net Assets</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>26</B></FONT>
        <FONT STYLE="font-size: 12pt">Financial Highlights</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>28</B></FONT>
        <FONT STYLE="font-size: 12pt">Notes to Financial Statements</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>37</B></FONT>
        <FONT STYLE="font-size: 12pt">Dividend Reinvestment and Cash Purchase Plan</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>40</B></FONT>
        <FONT STYLE="font-size: 12pt">Additional Information</FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>42</B></FONT>
        <FONT STYLE="font-size: 12pt">Privacy Statement</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The fund's investment objective is to provide a high
level of current income exempt from federal income tax.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Closed-end funds, unlike open-end funds, are not
continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market
through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund's
shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict
whether its shares will trade at, below or above net asset value.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Bond investments are subject to interest-rate, credit,
liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the
ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating
to liquidity, leverage and credit that may reduce returns and/or increase volatility. Leverage results in additional risks and
can magnify the effect of any gains or losses. Although the fund seeks income that is exempt from federal income taxes, a portion
of the fund&rsquo;s distributions may be subject to federal, state and local taxes, including the alternative minimum tax.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Deutsche Asset Management represents the asset management
activities conducted by Deutsche Bank AG or any of its subsidiaries.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">NOT FDIC/NCUA INSURED&emsp;NO BANK GUARANTEE&emsp;MAY
LOSE VALUE&emsp; NOT&nbsp;A&nbsp;DEPOSIT&emsp;NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><FONT STYLE="font-size: 13.5pt"><B>Performance
Summary </B></FONT><B><FONT STYLE="font-size: 10pt">May 31, 2017 (Unaudited)</FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Performance is historical, assumes reinvestment
of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate
with changing market conditions so that, when sold, shares may be worth more or less than their original cost. Current performance
may be lower or higher than the performance data quoted. Please visit deutschefunds.com for the Fund's most recent month-end performance.</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Fund specific data and performance are provided
for informational purposes only and are not intended for trading purposes.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Average Annual Total Returns </B>as of 5/31/17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Deutsche Municipal Income Trust</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6-Month<SUP>&Dagger;</SUP></B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1-Year</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5-Year</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10-Year</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Based on Net Asset Value<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.75%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.19%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.07%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7.49%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Based on Market Price<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9.87%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4.25%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.19%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.73%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bloomberg Barclays Municipal Bond Index<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.16%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.46%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.31%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.58%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morningstar Closed-End Municipal National Long Funds Category<SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.62%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.92%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.52%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.02%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>&Dagger;</SUP> Total returns shown for periods
less than one year are not annualized.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>(a)</SUP> Total return based on net asset value
reflects changes in the Fund's net asset value during each period. Total return based on market price reflects changes in market
price. Each figure assumes that dividend and capital gain distributions, if any, were reinvested. These figures will differ depending
upon the level of any discount from or premium to net asset value at which the Fund's shares traded during the period. Expenses
of the Fund include management fee, interest expense and other fund expenses. Total returns shown take into account these fees
and expenses. The expense ratio of the Fund for the six months ended May 31, 2017 was 1.92% (0.87% excluding interest expense).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>(b) </SUP>The unmanaged, unleveraged Bloomberg
Barclays Municipal Bond Index covers the U.S. dollar-denominated long-term tax exempt bond market. The index has four main sectors:
state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Index returns do not reflect any
fees or expenses and it is not possible to invest directly into an index.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>(c) </SUP>Morningstar&rsquo;s Closed-End Municipal
National Long Funds category represents muni national long portfolios that invest in municipal bonds. Such bonds are issued by
various state and local governments to fund public projects and are free from federal taxes. To lower risk, these funds spread
their assets across many states and sectors. They focus on bonds with durations of seven years or more. This makes them more sensitive
to interest rates, and thus riskier, than muni funds that focus on bonds with shorter maturities. Morningstar figures represent
the average of the total returns based on net asset value reported by all of the closed-end funds designated by Morningstar, Inc.
as falling into the Closed-End Municipal National Long Funds category. Category returns assume reinvestment of all distributions.
It is not possible to invest directly in a Morningstar category.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Asset Value and Market Price</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As of 5/31/17</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As of 11/30/16</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Asset Value</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 12.76</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 12.47</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Market Price</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 13.63</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 12.83</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Premium (discount) </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.82%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.89%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Prices and net asset value fluctuate and are not
guaranteed.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Distribution Information</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 81%; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Six Months as of 5/31/17:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Income Dividends (common shareholders)</P></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ .42</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital Gain Dividend (common shareholders)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ .01</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May Income Dividend (common shareholders)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ .07</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current Annualized Distribution Rate (based on Net Asset Value) as&nbsp;of&nbsp;5/31/17<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.58%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current Annualized Distribution Rate (based on Market Price) as&nbsp;of&nbsp;5/31/17<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.16%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax Equivalent Distribution Rate (based on Net Asset Value) as&nbsp;of&nbsp;5/31/17<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.63%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax Equivalent Distribution Rate (based on Market Price) as&nbsp;of&nbsp;&nbsp;5/31/17<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.88%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>&dagger;</SUP> Current annualized distribution
rate is the latest monthly dividend shown as an annualized percentage of net asset value/market price on May 31, 2017. Distribution
rate simply measures the level of dividends and is not a complete measure of performance. Tax equivalent distribution rate is based
on the Fund's distribution rate and a marginal income tax rate of 43.4%. Distribution rates are historical, not guaranteed and
will fluctuate. Distributions do not include return of capital or other non-income sources.</P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Portfolio Management Team</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Ashton P. Goodfield, CFA, Managing Director</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Co-Lead Portfolio Manager of the fund. Began managing
the fund in 2014.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
Joined Deutsche Asset Management in 1986.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
Co-Head of Municipal Bonds.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
BA, Duke University.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Michael J. Generazo, Director</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Co-Lead Portfolio Manager of the fund. Began managing
the fund in 2010.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
Joined Deutsche Asset Management in 1999.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
BS, Bryant College; MBA, Suffolk University.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Rebecca L. Flinn, Director</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Portfolio Manager of the fund. Began managing the
fund in 2014.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
Joined Deutsche Asset Management in 1986.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
BA, University of Redlands, California.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><FONT STYLE="font-size: 13.5pt"><B>Portfolio
Summary </B></FONT><B><FONT STYLE="font-size: 10pt">(Unaudited)</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Asset Allocation </B>(As a % of Investment Portfolio)</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>5/31/17</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>11/30/16</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Revenue Bonds</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">70%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">70%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Escrow to Maturity/Prerefunded Bonds</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">15%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">18%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">General Obligation Bonds</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">11%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Lease Obligations</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">100%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">100%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Quality</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5/31/17</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11/30/16</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AAA</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AA</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBB</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CC</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not Rated</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The quality ratings represent the higher of Moody's
Investors Service, Inc. (&quot;Moody's&quot;), Fitch Ratings, Inc. (&quot;Fitch&quot;) or Standard &amp; Poor's Corporation (&quot;S&amp;P&quot;)
credit ratings. The ratings of Moody's, Fitch and S&amp;P represent their opinions as to the quality of the securities they rate.
Credit quality measures a bond issuer's ability to repay interest and principal in a timely manner. Ratings are relative and subjective
and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Top Five State/Territory Allocations </B>(As&nbsp;a&nbsp;%&nbsp;of&nbsp;Investment&nbsp;Portfolio)</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5/31/17</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11/30/16</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">California</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Texas</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nevada</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">New York</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Interest Rate Sensitivity</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5/31/17</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11/30/16</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Effective Maturity</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.0 years</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.1 years</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Modified Duration</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.9 years</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.9 years</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Leverage </B>(As a % of Total Assets)</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5/31/17</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11/30/16</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Effective maturity is the weighted average of the
maturity date of bonds held by the fund taking into consideration any available maturity shortening features.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Modified duration is an approximate measure of a
fund's sensitivity to movements in interest rates based on the current interest rate environment.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Leverage results in additional risks and can magnify
the effect of any gains or losses to a greater extent than if leverage were not used.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Portfolio holdings and characteristics are subject
to change.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For more complete details about the fund's investment
portfolio, see page 7. A fact sheet is&nbsp;available on deutschefunds.com or upon request. Please see the Additional Information
section on page 40 for contact information.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><FONT STYLE="font-size: 13.5pt"><B>Investment
Portfolio </B></FONT><B><FONT STYLE="font-size: 10pt">as of May 31, 2017 (Unaudited)</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Principal Amount ($)</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 63%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #00128D"><B>Municipal Bonds and Notes 126.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Alabama 0.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Alabama, UAB Medicine Finance Authority Revenue, Series&nbsp;B2, 5.0%,&nbsp;9/1/2041</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,625,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,862,380</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Arizona 1.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Arizona, Salt Verde Financial Corp., Gas Revenue:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5.0%,&nbsp;12/1/2037</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,050,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,280,779</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5.5%,&nbsp;12/1/2029</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,400,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,737,778</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Series&nbsp;A, 5.0%,&nbsp;7/1/2040</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,271,560</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>6,290,117</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>California 17.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">California, Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series&nbsp;A, Prerefunded, 6.0%,&nbsp;7/1/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,500,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,869,110</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">California, M-S-R Energy Authority, Series&nbsp;A, 7.0%,&nbsp;11/1/2034, GTY: Citigroup, Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,180,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,622,162</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">California, San Gorgonio Memorial Healthcare, Election of 2006, Series&nbsp;C, Prerefunded, 7.2%,&nbsp;8/1/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,053,750</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">California, South Bayside Waste Management Authority, Solid Waste Enterprise Revenue, Shoreway Environmental Center, Series&nbsp;A, 6.25%,&nbsp;9/1/2029</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,345,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,950,749</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">California, State General Obligation:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5.0%,&nbsp;11/1/2043</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,752,700</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5.25%,&nbsp;4/1/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,295,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,947,754</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5.5%,&nbsp;3/1/2040</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,370,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,523,344</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6.0%,&nbsp;4/1/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,931,400</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">California, State Public Works Board, Lease Revenue, Capital Projects, Series&nbsp;I-1, Prerefunded, 6.375%,&nbsp;11/1/2034</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,261,840</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">California, Statewide Communities Development Authority Revenue, American Baptist Homes of the West, 6.25%,&nbsp;10/1/2039, GTY: American Baptist Homes&nbsp;of&nbsp;the&nbsp;Midwest </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,250,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,366,575</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Long Beach, CA, Harbor Revenue, Series&nbsp;D, 5.0%,&nbsp;5/15/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,065,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,238,467</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Los Angeles, CA, Department of Airports Revenue, Los&nbsp;Angeles International Airport:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;B, 5.0%,&nbsp;5/15/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">8,500,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">9,360,880</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;B, AMT, 5.0%,&nbsp;5/15/2046</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,430,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,303,515</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Port Oakland, CA, Series&nbsp;A, AMT, 5.0%,&nbsp;11/1/2027, INS:&nbsp;NATL </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,850,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,942,957</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">San Diego County, CA, Regional Airport Authority Revenue, Series&nbsp;B, AMT, 5.0%,&nbsp;7/1/2043</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,707,560</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">San Diego, CA, Unified School District, Election 2012, Series&nbsp;C, 5.0%,&nbsp;7/1/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,799,150</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">San Francisco, CA, City &amp; County Airports Commission, International Airport Revenue, Series&nbsp;B, AMT, 5.0%,&nbsp;5/1/2046</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,680,800</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>89,312,713</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Colorado 3.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Colorado, State Board of Governors, Colrado State University System Revenue, Series&nbsp;E-1, 5.0%,&nbsp;3/1/2040</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">8,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">9,146,320</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Colorado, State Health Facilities Authority Revenue, School Health Systems, Series&nbsp;A, 5.5%,&nbsp;1/1/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,450,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,346,743</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Denver, CO, City &amp; County Airport Revenue, Series&nbsp;A, AMT, 5.25%,&nbsp;11/15/2043</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,400,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,671,536</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>18,164,599</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>District of Columbia 1.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">District of Columbia, General Obligation: </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.0%,&nbsp;6/1/2032 (a)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">600,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">731,400</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.0%,&nbsp;6/1/2033 (a)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">700,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">851,228</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.0%,&nbsp;6/1/2034 (a)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,210,140</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">District of Columbia, Metropolitan Airport Authority Systems&nbsp;Revenue:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, AMT, 5.0%,&nbsp;10/1/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">800,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">893,592</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, AMT, 5.0%,&nbsp;10/1/2043</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,400,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,781,140</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>7,467,500</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Florida 12.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Florida, State Higher Educational Facilities, Financial Authority Revenue, Nova Southeastern University Project, 5.0%,&nbsp;4/1/2034</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,350,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,514,659</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Miami-Dade County, FL, Aviation Revenue:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, AMT, 5.0%,&nbsp;10/1/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,657,200</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.5%,&nbsp;10/1/2041</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,920,200</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Miami-Dade County, FL, Aviation Revenue, Miami International Airport:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, AMT, 5.25%,&nbsp;10/1/2033, INS: AGC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,605,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,932,674</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, AMT, Prerefunded, 5.25%,&nbsp;10/1/2033, INS: AGC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,895,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,002,674</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A-1, 5.375%,&nbsp;10/1/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,219,280</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series&nbsp;A, 5.0%,&nbsp;7/1/2035, INS: AGMC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,302,790</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Miami-Dade County, FL, Health Facilities Authority Hospital Revenue, Nicklaus Children's Hospital, 5.0%,&nbsp;8/1/2047</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,335,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,783,591</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">North Brevard County, FL, Hospital District Revenue, Parrish Medical Center Project:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5.5%,&nbsp;10/1/2028</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,520,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,597,961</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Prerefunded, 5.5%,&nbsp;10/1/2028</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,770,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,002,647</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5.75%,&nbsp;10/1/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,440,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,510,258</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Prerefunded, 5.75%,&nbsp;10/1/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,560,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,791,471</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Orange County, FL, Health Facilities Authority Revenue, Orlando Health, Inc.:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.0%,&nbsp;10/1/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">720,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">826,956</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.0%,&nbsp;10/1/2036</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">865,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">990,485</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Orlando &amp; Orange County, FL, Expressway Authority&nbsp;Revenue:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.0%,&nbsp;7/1/2040</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,250,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,917,652</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, Prerefunded, 5.0%,&nbsp;7/1/2040</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,645,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,197,198</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Tallahassee, FL, Health Facilities Revenue, Memorial Healthcare, Inc. Project, Series&nbsp;A, 5.0%,&nbsp;12/1/2055</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">745,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">803,803</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>62,971,499</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Georgia 8.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Atlanta, GA, Airport Revenue:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.0%,&nbsp;1/1/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,030,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,115,809</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;C, AMT, 5.0%,&nbsp;1/1/2037</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,690,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,832,940</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Atlanta, GA, Water &amp; Wastewater Revenue, Series&nbsp;A, Prerefunded, 6.25%,&nbsp;11/1/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,815,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,551,993</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Gainesville &amp; Hall County, GA, Hospital Authority, Northeast Georgia Healthcare:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.5%,&nbsp;2/15/2045</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">505,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">549,773</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, Prerefunded, 5.5%,&nbsp;2/15/2045</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,630,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,814,272</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.0%,&nbsp;3/15/2020, GTY: JPMorgan Chase &amp; Co. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,250,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,936,213</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.5%,&nbsp;9/15/2024, GTY: Merrill Lynch &amp; Co., Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,967,900</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.5%,&nbsp;9/15/2028, GTY: Merrill Lynch &amp; Co., Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">12,303,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Georgia, Medical Center Hospital Authority Revenue, Anticipation Certificates, Columbus Regional Healthcare Systems, Prerefunded, 6.5%,&nbsp;8/1/2038, INS: AGC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,300,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,512,718</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Georgia, Municipal Electric Authority Revenue, Project One, Series&nbsp;A, 5.0%,&nbsp;1/1/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,010,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,135,866</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>42,720,484</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Guam 0.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Guam, International Airport Authority Revenue, Series&nbsp;C, AMT, 6.375%,&nbsp;10/1/2043</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">535,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>612,837</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Hawaii 1.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Hawaii, State Airports Systems Revenue:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.0%,&nbsp;7/1/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,200,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,581,486</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, AMT, 5.0%,&nbsp;7/1/2041</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,490,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,685,324</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Hawaii, State Department of Budget &amp; Finance, Special&nbsp;Purpose Revenue, Hawaiian Electric Co., Inc., 6.5%,&nbsp;7/1/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,082,700</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>7,349,510</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Idaho 1.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Idaho, Health Facilities Authority Revenue, St. Luke's Regional Medical Center:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5.0%,&nbsp;7/1/2035, INS: AGMC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,500,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,701,300</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6.75%,&nbsp;11/1/2037</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,135,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,283,382</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>4,984,682</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Illinois 8.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Chicago, IL, Airport Revenue, O'Hare International Airport:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.75%,&nbsp;1/1/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,654,400</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;B, 6.0%,&nbsp;1/1/2041</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">9,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,315,980</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Illinois, Finance Authority Revenue, Advocate Health Care Network, Series&nbsp;D, Prerefunded, 6.5%,&nbsp;11/1/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,079,030</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Illinois, Finance Authority Revenue, Memorial Health Systems, 5.5%,&nbsp;4/1/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,200,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,442,130</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Illinois, Finance Authority Revenue, Northwest Community Hospital, Series&nbsp;A, Prerefunded, 5.5%,&nbsp;7/1/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,750,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,038,305</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Illinois, Metropolitan Pier &amp; Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series&nbsp;A, Zero Coupon, 6/15/2036, INS: NATL </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,053,680</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Illinois, Railsplitter Tobacco Settlement Authority, 6.0%,&nbsp;6/1/2028</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">915,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,048,764</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Illinois, State Finance Authority Revenue, Advocate Health Care Network:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;B, 5.375%,&nbsp;4/1/2044</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,320,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,395,834</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;B, Prerefunded, 5.375%,&nbsp;4/1/2044</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,180,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,273,090</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Illinois, State Finance Authority Revenue, Ascension Health Credit Group, Series&nbsp;A, 5.0%,&nbsp;11/15/2032</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">730,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">816,622</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Illinois, State Finance Authority Revenue, OSF&nbsp;Healthcare&nbsp;Systems:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.0%,&nbsp;5/15/2041</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,580,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,707,095</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.0%,&nbsp;11/15/2045</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,745,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,924,386</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Illinois, State Finance Authority Revenue, University of Chicago, Series&nbsp;A, 5.0%,&nbsp;10/1/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,445,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,060,632</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Springfield, IL, Electric Revenue, Senior Lien, 5.0%,&nbsp;3/1/2040, INS: AGMC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">970,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,088,961</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>44,898,909</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Indiana 2.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Indiana, Finance Authority Hospital Revenue, Deaconess&nbsp;Hospital Obligation, Series&nbsp;A, Prerefunded, 6.75%,&nbsp;3/1/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,745,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,920,966</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Indiana, State Finance Authority Revenue, Community Foundation of Northwest Indiana, 5.0%,&nbsp;3/1/2041</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,402,600</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Indiana, State Municipal Power Agency Revenue, Series&nbsp;A, 5.0%,&nbsp;1/1/2042</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,230,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,718,053</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>11,041,619</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Kentucky 1.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series&nbsp;A-1, 6.0%,&nbsp;12/1/2042, INS: AGC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,151,240</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc. Obligated Group:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.0%,&nbsp;6/1/2045</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">320,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">351,142</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.25%,&nbsp;6/1/2041</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">480,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">540,437</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>5,042,819</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Louisiana 1.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series&nbsp;B, AMT, 5.0%,&nbsp;1/1/2048</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">710,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">803,464</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%,&nbsp;11/1/2040</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,194,040</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Louisiana, St. John Baptist Parish Revenue, Marathon Oil Corp., Series&nbsp;A, 5.125%,&nbsp;6/1/2037</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,440,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,443,485</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>5,440,989</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Maryland 0.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Maryland, State Health &amp; Higher Educational Facilities Authority Revenue, Adventist Healthcare Obligated Group, Series&nbsp;A, 5.5%,&nbsp;1/1/2046</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">745,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">852,347</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Maryland, State Health &amp; Higher Educational Facilities Authority Revenue, Anne Arundel Health Systems, Series&nbsp;A, Prerefunded, 6.75%,&nbsp;7/1/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,100,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,230,801</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Maryland, State Health &amp; Higher Educational Facilities Authority Revenue, Washington County Hospital, Prerefunded, 5.75%,&nbsp;1/1/2033</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,500,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,541,505</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>3,624,653</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Massachusetts 1.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Massachusetts, State Development Finance Agency Revenue, Northeastern University, Series&nbsp;A, 5.25%,&nbsp;3/1/2037</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,500,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,859,350</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Massachusetts, State Development Finance Agency Revenue, Suffolk University:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.75%,&nbsp;7/1/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,200,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,292,772</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, Prerefunded, 5.75%,&nbsp;7/1/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,370,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,603,587</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>6,755,709</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Michigan 5.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Detroit, MI, Water &amp; Sewerage Department, Sewerage Disposal System Revenue, Series&nbsp;A, 5.25%,&nbsp;7/1/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,120,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,249,147</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Michigan, State Building Authority Revenue, Series&nbsp;I-A, 5.375%,&nbsp;10/15/2041</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,500,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">8,510,400</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Michigan, State Building Authority Revenue, Facilities Program:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;I, 5.0%,&nbsp;4/15/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,930,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,190,898</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;H, 5.125%,&nbsp;10/15/2033</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,495,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,688,687</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;I, 6.0%,&nbsp;10/15/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">35,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">37,259</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;I, Prerefunded, 6.0%,&nbsp;10/15/2038 </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">965,000 </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,031,199 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Michigan, State Finance Authority Revenue, Trinity Health Corp., 5.0%,&nbsp;12/1/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">665,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">750,020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Michigan, State Hospital Finance Authority Revenue, Henry Ford Health Hospital, Prerefunded, 5.75%,&nbsp;11/15/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,577,550</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Royal Oak, MI, Hospital Finance Authority Revenue, William Beaumont Hospital, Prerefunded, 8.25%,&nbsp;9/1/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,800,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,963,800</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Wayne County, MI, Airport Authority Revenue, Series&nbsp;F, AMT, 5.0%,&nbsp;12/1/2034</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,270,840</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>26,269,800</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Minnesota 1.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Minneapolis, MN, Health Care Systems Revenue, Fairview&nbsp;Health Services, Series&nbsp;A, Prerefunded, 6.75%,&nbsp;11/15/2032</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,140,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,235,954</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Rochester, MN, Health Care Facilities Revenue, Mayo Clinic, Series&nbsp;B, 5.0%,&nbsp;11/15/2036</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,200,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,438,454</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>6,674,408</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Mississippi 0.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Warren County, MS, Gulf Opportunity Zone, International Paper Co., Series&nbsp;A, 6.5%,&nbsp;9/1/2032</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,525,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,618,345</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Missouri 0.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Missouri, State Health &amp; Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series&nbsp;A, 5.0%,&nbsp;2/1/2046</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">335,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>360,329</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Nebraska 0.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Douglas County, NE, Hospital Authority No.2, Health Facilities, Children's Hospital Obligated Group, 5.0%,&nbsp;11/15/2047</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,330,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,515,668</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Nevada 4.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Clark County, NV, Airport Revenue, Series&nbsp;B, 5.125%,&nbsp;7/1/2036</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,305,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,662,401</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Henderson, NV, Health Care Facility Revenue, Catholic Healthcare West, Series&nbsp;B, Prerefunded, 5.25%,&nbsp;7/1/2031</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,035,700</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Las Vegas Valley, NV, Water District, Series&nbsp;B, 5.0%,&nbsp;6/1/2037</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,830,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,511,272</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>20,209,373</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>New Jersey 2.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">New Jersey, Hospital &amp; Healthcare Revenue, General&nbsp;Hospital Center at Passaic, ETM, 6.75%,&nbsp;7/1/2019, INS:&nbsp;AGMC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,190,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,383,537</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">New Jersey, State Economic Development Authority Revenue, Series&nbsp;BBB, 5.5%,&nbsp;6/15/2030</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,690,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,949,397</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">New Jersey, State Economic Development Authority Revenue, The Goethals Bridge Replacement Project, AMT, 5.125%,&nbsp;7/1/2042, INS: AGMC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,250,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,380,462</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">New Jersey, State Transportation Trust Fund Authority, Transportation Systems, Series&nbsp;A, 6.0%,&nbsp;12/15/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,955,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,078,751</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">New Jersey, State Turnpike Authority Revenue, Series&nbsp;E, 5.25%,&nbsp;1/1/2040</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,750,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,848,315</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>11,640,462</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>New York 9.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Climate Board Certified Green Bond:</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;B-2, 5.0%,&nbsp;11/15/2033</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,735,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,550,985</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;B-2, 5.0%,&nbsp;11/15/2034</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,250,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,940,138</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">New York, Metropolitan Transportation Authority Revenue:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;C, 5.0%,&nbsp;11/15/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,740,400</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;D, 5.0%,&nbsp;11/15/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,090,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,234,839</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;C, 5.0%,&nbsp;11/15/2042</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,599,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A-1, 5.25%,&nbsp;11/15/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,610,760</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">New York, State Environmental Facilities Corp., State Clean Water &amp; Drinking Revolving Funds, New York City Municipal Water Finance Authority Projects, 5.0%,&nbsp;6/15/2036</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,269,880</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">New York, State Liberty Development Corp. Revenue, World Trade Center Port Authority Construction, 5.25%,&nbsp;12/15/2043</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">8,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">9,118,960</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">New York, TSASC, Inc., Series&nbsp;A, 5.0%,&nbsp;6/1/2041</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">150,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">165,965</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">New York, Utility Debt Securitization Authority, Restructuring Revenue:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;TE, 5.0%,&nbsp;12/15/2034</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">800,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">937,848</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;TE, 5.0%,&nbsp;12/15/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,169,650</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">New York City, NY, Municipal Water Finance Authority, Water &amp; Sewer Systems Revenue, Second General Resolution, Series&nbsp;EE, 5.375%,&nbsp;6/15/2043</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,750,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,242,788</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Port Authority of New York &amp; New Jersey, One&nbsp;Hundred&nbsp;Eighty-Fourth:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5.0%,&nbsp;9/1/2036</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">205,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">240,266</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5.0%,&nbsp;9/1/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">510,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">590,748</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Port Authority of New York &amp; New Jersey, One&nbsp;Hundred&nbsp;Ninety-Third:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">AMT, 5.0%,&nbsp;10/15/2034</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,620,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,877,742</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">AMT, 5.0%,&nbsp;10/15/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">800,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">924,704</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>48,215,173</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>North Carolina 0.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">North Carolina, Medical Care Commission, Health Care Facilities Revenue, University Health System, Series&nbsp;D, Prerefunded, 6.25%,&nbsp;12/1/2033</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>3,235,770</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>North Dakota 0.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Fargo, ND, Sanford Health Systems Revenue, 6.25%,&nbsp;11/1/2031</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,240,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>3,846,398</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Ohio 4.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Franklin County, OH, Trinity Health Corp. Revenue, Series&nbsp;2017, 5.0%,&nbsp;12/1/2046</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,950,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,366,098</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series&nbsp;A, 6.5%,&nbsp;11/15/2037</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,500,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,783,530</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ohio, Akron, Bath &amp; Copley Joint Township Hospital District Revenue, 5.25%,&nbsp;11/15/2046</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,320,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,846,435</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ohio, State Hospital Facility Revenue, Cleveland Clinic Health:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.5%,&nbsp;1/1/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,344,350</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;B, 5.5%,&nbsp;1/1/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,500,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,741,045</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ohio, State Turnpike Commission, Junior Lien, Infrastructure Projects, Series&nbsp;A-1, 5.25%,&nbsp;2/15/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,520,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,088,480</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>23,169,938</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Pennsylvania 6.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Allegheny County, PA, Hospital Development Authority Revenue, University of Pittsburgh Medical, 5.625%,&nbsp;8/15/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,700,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,841,865</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Franklin County, PA, Industrial Development Authority Revenue, Chambersburg Hospital Project, 5.375%,&nbsp;7/1/2042</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,647,920</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Pennsylvania, Commonwealth Financing Authority, Series&nbsp;A, 5.0%,&nbsp;6/1/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,560,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,743,971</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Pennsylvania, Geisinger Authority Health System Revenue, Series&nbsp;A-1, 5.0%,&nbsp;2/15/2045</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,705,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,257,452</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Pennsylvania, State Turnpike Commission Revenue:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.0%,&nbsp;12/1/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,030,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,284,907</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A-1, 5.0%,&nbsp;12/1/2040</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,634,550</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;C, 5.0%,&nbsp;12/1/2043</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,494,360</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Philadelphia, PA, Airport Revenue, Series&nbsp;A, 5.0%,&nbsp;6/15/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,835,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,089,385</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Philadelphia, PA, Authority for Industrial Development Lease&nbsp;Revenue, Series&nbsp;B-2, 0.75%**, 10/1/2030, LOC:&nbsp;TD&nbsp;Bank&nbsp;NA </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,500,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>33,494,410</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Puerto Rico 0.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series&nbsp;A, 5.5%,&nbsp;8/1/2042*</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,255,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>580,663</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Rhode Island 0.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Rhode Island, Health &amp; Educational Building Corp., Higher Education Facility Revenue, University of Rhode Island, Series&nbsp;A, Prerefunded, 6.25%,&nbsp;9/15/2034</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,138,100</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>South Carolina 4.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Charleston County, SC, Airport District, Airport System Revenue, Series&nbsp;A, AMT, 5.875%,&nbsp;7/1/2032</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,560,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,652,962</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series&nbsp;B, 5.0%,&nbsp;10/1/2031</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,116,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">South Carolina, State Ports Authority Revenue, 5.25%,&nbsp;7/1/2040</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,550,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,789,368</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">South Carolina, State Public Service Authority Revenue, Series&nbsp;E, 5.25%,&nbsp;12/1/2055</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,468,560</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">South Carolina, State Public Service Authority Revenue, Santee Cooper, Series&nbsp;A, 5.75%,&nbsp;12/1/2043</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,220,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,085,451</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>23,112,841</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Tennessee 0.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Jackson, TN, Hospital Revenue, Jackson-Madison Project, 5.625%,&nbsp;4/1/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,080,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,115,543</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Texas 16.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Central Texas, Regional Mobility Authority Revenue, Senior&nbsp;Lien, Series&nbsp;A, 5.0%,&nbsp;1/1/2040</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,155,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,312,588</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann Healthcare System, Series&nbsp;B, Prerefunded, 7.25%,&nbsp;12/1/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,094,840</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Harris County, TX, Houston Port Authority, Series&nbsp;A, AMT, 6.25%,&nbsp;10/1/2029</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,190,020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Houston, TX, Airport Revenue, People Mover Project, Series&nbsp;A, AMT, 5.5%,&nbsp;7/15/2017, INS: AGMC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">730,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">732,774</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">North Texas, Tollway Authority Revenue:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;B, 5.0%,&nbsp;1/1/2040</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,060,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,309,672</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">First Tier, Series&nbsp;A, 5.625%,&nbsp;1/1/2033</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">430,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">440,514</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">First Tier, Series&nbsp;A, Prerefunded, 5.625%,&nbsp; 1/1/2033 </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,070,000 </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,156,021 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Second Tier, Series&nbsp;F, Prerefunded, 5.75%,&nbsp;1/1/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,500,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,686,810</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">First Tier, 6.0%,&nbsp;1/1/2043</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,716,150</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">North Texas, Tollway Authority Revenue, Special Project Systems, Series&nbsp;D, 5.0%,&nbsp;9/1/2032</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,271,200</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Texas, Dallas/Fort Worth International Airport Revenue:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;H, AMT, 5.0%,&nbsp;11/1/2042</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,425,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,943,467</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;F, 5.25%,&nbsp;11/1/2033</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,500,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,089,855</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;A, 5.25%,&nbsp;11/1/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,449,600</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Texas, Grand Parkway Transportation Corp., System&nbsp;Toll&nbsp;Revenue:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;B, 5.0%,&nbsp;4/1/2053</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,500,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,011,665</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;B, 5.25%,&nbsp;10/1/2051</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,835,650</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Texas, Municipal Gas Acquisition &amp; Supply Corp. I, Gas&nbsp;Supply Revenue:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;B, 1.458%***, 12/15/2026, GTY:&nbsp;Merrill&nbsp;Lynch&nbsp;&amp;&nbsp;Co., Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,500,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,381,035</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series&nbsp;D, 6.25%,&nbsp;12/15/2026, GTY:&nbsp;Merrill&nbsp;Lynch&nbsp;&amp;&nbsp;Co.,&nbsp;Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,166,300</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Texas, SA Energy Acquisition Public Facility Corp., Gas&nbsp;Supply Revenue:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5.5%,&nbsp;8/1/2021, GTY: The Goldman Sachs Group, Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,155,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,314,321</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5.5%,&nbsp;8/1/2025, GTY: The Goldman Sachs Group, Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,250,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">8,811,578</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Texas, Southwest Higher Education Authority, Inc., Southern Methodist University Project, 5.0%,&nbsp;10/1/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,600,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,768,160</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Texas, State Municipal Gas Acquisition &amp; Supply Corp. III Gas Supply Revenue:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5.0%,&nbsp;12/15/2030, GTY: Macquarie Group Ltd. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">250,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">277,765</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5.0%,&nbsp;12/15/2031, GTY: Macquarie Group Ltd. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,165,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,507,928</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5.0%,&nbsp;12/15/2032, GTY: Macquarie Group Ltd. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,209,160</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Texas, State Transportation Commission, Turnpike Systems Revenue, Series&nbsp;C, 5.0%,&nbsp;8/15/2034</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,235,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,394,784</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">West Harris County, TX, Regional Water Authority, Water Systems Revenue, 5.0%,&nbsp;12/15/2035</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,500,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,026,825</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>85,098,682</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Virginia 0.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Stafford County, VA, Economic Development Authority, Hospital Facilities Revenue, Mary Washington Healthcare, 5.0%,&nbsp;6/15/2036</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">400,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">450,104</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Washington County, VA, Industrial Development Authority, Hospital Facility Revenue, Mountain States Health Alliance, Series&nbsp;C, 7.75%,&nbsp;7/1/2038</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,370,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,482,491</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,932,595</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Washington 3.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Washington, State Health Care Facilities Authority Revenue,&nbsp;Virginia Mason Medical Center, Series&nbsp;A, 6.125%,&nbsp;8/15/2037</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">6,055,140</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Washington, State Health Care Facilities Authority, Catholic&nbsp;Health Initiatives, Series&nbsp;A, 5.0%,&nbsp;2/1/2041</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,985,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">3,121,982</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Washington, State Health Care Facilities Authority, Swedish&nbsp;Health Services, Series&nbsp;A, Prerefunded, 6.75%,&nbsp;11/15/2041</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,825,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,224,474</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Washington, State Motor Vehicle Tax-Senior 520 Corridor Program, Series&nbsp;C, 5.0%,&nbsp;6/1/2031</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,665,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>17,066,596</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>West Virginia 0.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">West Virginia, State Hospital Finance Authority, State&nbsp;University Health System Obligated Group, Series&nbsp;A, 5.0%,&nbsp;6/1/2047</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,025,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>4,533,881</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Wisconsin 0.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Wisconsin, State Health &amp; Educational Facilities Authority Revenue, Prohealth Care, Inc. Obligation Group, Prerefunded, 6.625%,&nbsp;2/15/2039</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,555,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,704,762</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Municipal Bonds and Notes</B> (Cost $572,475,420)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>636,074,756</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 9pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #00128D"><B>Underlying Municipal Bonds of Inverse Floaters (b) 30.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>California 2.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">University of California, State Revenues, Series&nbsp;K, 4.0%,&nbsp;5/15/2036 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>10,707,100</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><I>Trust: California, State Revenues, Series&nbsp;2016-XM0346, 144A, 11.74%,&nbsp;5/15/2024, Leverage Factor at purchase date: 4 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>District of Columbia 2.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">District of Columbia, General Obligation, Series&nbsp;A, 5.0%,&nbsp;6/1/2041 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>11,739,500</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><I>Trust: District of Columbia, General Obligation, Series&nbsp;2016-XM0325, 144A, 15.77%,&nbsp;6/1/2024, Leverage&nbsp;Factor at purchase date: 4 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Florida 2.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Orange County, FL, School Board, Certificates of Participation, Series&nbsp;C, 5.0%,&nbsp;8/1/2034 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>11,688,100</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><I>Trust: Florida, School Board, Series&nbsp;2016-XM0182, 144A,&nbsp;15.53%,&nbsp;2/1/2024, Leverage Factor at purchase date:&nbsp;4&nbsp;to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Massachusetts 6.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Massachusetts, State General Obligation, Series&nbsp;E, 4.0%,&nbsp;4/1/2038 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,578,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><I>Trust: Massachusetts, State General Obligation, Series&nbsp;2016-XM0335, 144A, 11.77%,&nbsp;4/1/2023, Leverage&nbsp;Factor at purchase date: 4 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Massachusetts, State Development Finance Agency Revenue, Harvard University, Series&nbsp;A, 4.0%,&nbsp;7/15/2036&nbsp;(c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">11,019,200</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><I>Trust: Massachusetts, State Development Finance Agency Revenue, Series&nbsp;2016-XM0400, 144A, 9.985%,&nbsp;7/15/2024, Leverage Factor at purchase date:&nbsp;4&nbsp;to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Massachusetts, State Development Finance Agency Revenue, Partners Healthcare System, Inc., Series&nbsp;Q, 5.0%,&nbsp;7/1/2035 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,425,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">12,107,798</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><I>Trust: Massachusetts, State Development Finance Agency Revenue, Series&nbsp;2016-XM0137, 144A, 15.749%,&nbsp;1/1/2024, Leverage Factor at purchase date:&nbsp;4&nbsp;to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>33,705,498</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Nevada 6.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%,&nbsp;6/1/2028 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">9,447,355</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">9,841,294</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%,&nbsp;6/1/2029 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">9,919,723</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,333,358</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%,&nbsp;6/3/2030 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">9,627,878</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,029,344</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><I>Trust: Nevada, General Obligation, Series&nbsp;2016-XM0280, 144A, 12.169%,&nbsp;12/1/2017, Leverage Factor at purchase date: 3 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>30,203,996</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Tennessee 6.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Nashville &amp; Davidson County, TN, Metropolitan Government, 5.0%,&nbsp;1/1/2027 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,755,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">11,019,051</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><I>Trust: Nashville &amp; Davidson County, TN, Metropolitan Government, Series&nbsp;2631-3, 144A, 16.062%,&nbsp;7/1/2017, Leverage Factor at purchase date: 4 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Nashville &amp; Davidson County, TN, Metropolitan Government, 5.0%,&nbsp;1/1/2026 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,200,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,448,778</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><I>Trust: Nashville &amp; Davidson County, TN, Metropolitan Government, Series&nbsp;2631-2, 144A, 16.07%,&nbsp;7/1/2017, Leverage Factor at purchase date: 4 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Nashville &amp; Davidson County, TN, Metropolitan Government, 5.0%,&nbsp;1/1/2028 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,565,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,822,589</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><I>Trust: Nashville &amp; Davidson County, TN, Metropolitan Government, Series&nbsp;2631-4, 144A, 16.077%,&nbsp;7/1/2017, Leverage Factor at purchase date: 4 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>32,290,418</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Texas 2.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Texas, State Transportation Commission- Highway Improvement, Series&nbsp;A, 5.0%,&nbsp;4/1/2038 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>11,779,300</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><I>Trust: Texas, State Transportation Commission, Series&nbsp;2016-XM0404, 144A, 11.555%,&nbsp;4/1/2024, Leverage Factor at purchase date: 4 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Washington 2.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Washington, State General Obligation, Series&nbsp;D, 5.0%,&nbsp;2/1/2035 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,000,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>11,935,600</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><I>Trust: Washington, State General Obligation, Series&nbsp;2017-XM0477, 144A, 11.555%,&nbsp;8/1/2024, Leverage Factor at purchase date: 4 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Underlying Municipal Bonds of Inverse Floaters</B> (Cost&nbsp;$153,541,246)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>154,049,512</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% of Net Assets</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Investment Portfolio</B> (Cost&nbsp;$726,016,666)<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157.0</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>790,124,268</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Floating Rate Notes (b)</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(20.5)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(103,281,576)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Series 2018 MTPS, at Liquidation Value </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(39.5)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(198,750,000)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Assets and Liabilities, Net</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.0</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15,183,321</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13.5pt; color: #00128D">&nbsp;</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Assets Applicable to Common Shareholders</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>503,276,013</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13.5pt; color: #00128D">&nbsp;</FONT></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* Non-income producing security.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">** Variable rate demand notes are securities whose
interest rates are reset periodically at market levels. These securities are payable on demand, either daily or weekly, and are
shown at their current rates as of May 31, 2017. Maturity date shown is the final maturity date.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">*** Floating rate securities' yields vary with a
designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown
at their current rate as of May 31, 2017.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>&dagger;</SUP> The cost for federal income tax
purposes was $619,086,145. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $67,756,547. This
consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of
$71,328,261 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value
of $3,571,714.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">(a) When-issued security.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">(b) Securities represent the underlying municipal
obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represent leverage to the Fund and is
the amount owed to the floating rate note holders.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">(c) Security forms part of the below inverse floater.
The Fund accounts for these inverse floaters as a form of secured borrowing, by reflecting the value of the underlying bond in
the investments of the Fund and the amount owed to the floating rate note holder as a liability.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">144A:&nbsp;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.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">AGC:&nbsp;Assured Guaranty Corp.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">AGMC:&nbsp;Assured Guaranty Municipal Corp.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">AMT:&nbsp;Subject to alternative minimum tax.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">ETM:&nbsp;Bonds bearing the description ETM (escrow
to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest
on bonds so designated.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">GTY:&nbsp;Guaranty Agreement</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">INS: Insured</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">LOC: Letter of Credit</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">NATL:&nbsp;National Public Finance Guarantee Corp.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Prerefunded:&nbsp;Bonds which are prerefunded are
collateralized, usually by U.S. 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.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Fair Value Measurements</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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&nbsp;3 includes significant unobservable inputs (including the Fund's
own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication
of the risk or liquidity associated with investing in those securities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following is a summary of the inputs used as
of May 31, 2017 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments,
please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 16%; padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 16%; padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 16%; padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 17%; padding: 9pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Municipal Investments (d)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ &mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 790,124,268</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ &mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 790,124,268</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ &mdash;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 790,124,268</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ &mdash;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 790,124,268</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">There have been no transfers between fair value measurement
levels during the period ended May 31, 2017.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">(d) See Investment Portfolio for additional detailed
categorizations.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The accompanying notes are an integral part of the
financial statements.</P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Statement of Assets and Liabilities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">as of May 31, 2017 (Unaudited)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Investments in securities, at value (cost&nbsp;$726,016,666)</FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$ 790,124,268</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Cash</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">685,675</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Receivable for investments sold</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,495,472</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Interest receivable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">10,380,484</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Other assets</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">9,117</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Total assets</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">808,695,016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Liabilities</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Payable for investments purchased &mdash; when-issued securities</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,732,544</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Payable for floating rate notes issued</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">103,281,576</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Interest expense payable on preferred shares</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">302,896</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Accrued management fee</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">319,036</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Accrued Trustees' fees</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,603</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Other accrued expenses and payables</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">85,855</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Series 2018 MTPS, net of deferred offering costs (liquidation value $198,750,000, see page 31 for more details)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">198,691,493</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Total liabilities</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">305,419,003</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net assets applicable to common shareholders, at value</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 503,276,013</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net Assets Applicable to Common Shareholders Consist of</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Undistributed net investment income</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">7,133,088</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Net unrealized appreciation (depreciation) on investments</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">64,107,602</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Accumulated net realized gain (loss)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">(2,444,619)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Paid-in capital</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">434,479,942</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net assets applicable to common shareholders, at value</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 503,276,013</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net Asset Value</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net Asset Value</B> per common share ($503,276,013&nbsp;&divide;&nbsp;39,456,526 outstanding shares of beneficial interest, $.01&nbsp;par&nbsp;value, unlimited number of common shares authorized)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 12.76</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The accompanying notes are an integral part of the
financial statements.</P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Statement of Operations</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">for the six months ended May 31, 2017 (Unaudited)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Investment Income</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Income:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Interest</P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 18,490,379</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Expenses:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Management fee</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,904,489</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Services to shareholders</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,991</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Custodian fee</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Professional fees</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59,952</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reports to shareholders</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,726</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustees' fees and expenses</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,259</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest expense and amortization of MTPS debt issuance costs</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,690,835</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stock Exchange listing fees</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,296</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47,674</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total expenses </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,790,243</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net investment income</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13,700,136</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Realized and Unrealized Gain (Loss) </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized gain (loss) from investments</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,028,066</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change in net unrealized appreciation (depreciation) on investments</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,281,717</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net gain (loss) </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,309,783</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net increase (decrease) in net assets resulting from operations</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 28,009,919</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The accompanying notes are an integral part of the
financial statements.</P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Statement of Cash Flows</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">for the six months ended May 31, 2017 (Unaudited)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 9pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Increase (Decrease) in Cash:</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Cash Flows from Operating Activities</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net increase (decrease) in net assets resulting from operations</FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 28,009,919</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Adjustments to reconcile net increase (decrease)
        in net assets resulting from operations to net cash provided by operating&nbsp;activities:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Purchases of long-term investments</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(145,379,254)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net amortization of premium/(accretion of discount)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">784,329</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from sales and maturities of long-term investments</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">177,704,389</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Increase) decrease in interest receivable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">996,480</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Increase) decrease in other assets</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,030</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Increase) decrease in receivable for investments sold</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,683,851)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase (decrease) in payable for investments purchased</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,583,490)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase (decrease) in payable for investments purchased &mdash; when-issued securities </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,732,544</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase (decrease) in other accrued expenses and payables</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">208,795</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change in unrealized (appreciation) depreciation on investments</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,281,717)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized (gain) loss from investments</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,028,066)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash provided by (used in) operating activities</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>43,488,108</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash Flows from Financing Activities</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Increase) decrease in deferred offering cost on Series 2018 MTPS </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58,183</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distributions paid (net of reinvestment of distributions)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,455,929)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase (decrease) in payable for floating rate notes issued</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,483,380)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash provided by (used in) financing activities</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(42,881,126)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Increase (decrease) in cash</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>606,982</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash at beginning of period</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">78,693</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash at end of period </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 685,675</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Supplemental Disclosure </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reinvestment of distributions</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 754,542</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest expense and fees on floating rate notes issued </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ (870,815)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The accompanying notes are an integral part of the
financial statements.</P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Statements of Changes in Net
Assets</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="height: 13.8pt">
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 60%; padding: 9pt 2.9pt 8pt; height: 13.8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Increase (Decrease) in Net Assets</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 19%; padding: 9pt 2.9pt 8pt; height: 13.8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Six Months Ended May&nbsp;31,&nbsp;2017 (Unaudited)</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 19%; padding: 9pt 2.9pt 8pt; height: 13.8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Year Ended November&nbsp;30, 2016</B></FONT></TD>
    <TD STYLE="height: 18px">&nbsp;</TD></TR>
<TR STYLE="height: 20.4pt">
    <TD STYLE="height: 27px">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Operations:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 13,700,136</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 29,595,580</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized gain (loss) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,028,066</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,690,317</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change in net unrealized appreciation (depreciation) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,281,717</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(38,311,453)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net increase (decrease) in net assets resulting from operations</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,009,919</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,025,556)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net increase (decrease) in net assets applicable to common shareholders </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,009,919</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,025,556)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Distributions to common shareholders from:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,561,641)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(33,053,900)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized gains</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(398,007)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total distributions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,959,648)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(33,053,900)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Fund share transactions:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net proceeds from shares issued to common shareholders
        in reinvestment of distributions</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">754,542</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,306,293</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net increase (decrease) in net assets from Fund share transactions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">754,542</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,306,293</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Increase (decrease) in net assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,804,813</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(36,773,163)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets at beginning of period applicable to common shareholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">491,471,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">528,244,363</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets at end of period applicable to common shareholders (including undistributed net investment income of $7,133,088 and $9,994,593, respectively)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 503,276,013</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 491,471,200</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Information</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common shares outstanding at beginning of period</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39,396,905</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39,300,734</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares issued to common shareholders in reinvestment of distributions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59,621</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96,171</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common shares outstanding at end of year</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39,456,526</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39,396,905</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The accompanying notes are an integral part of the
financial statements.</P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Financial Highlights</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Six Months Ended 5/31/17 (Unaudited)</B></FONT></TD>
    <TD COLSPAN="5" STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Years Ended November 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2016</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2015</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2014</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Selected Per Share Data Applicable to Common Shareholders </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net asset value, beginning of&nbsp;period</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 12.47</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 13.44</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 13.84</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 12.70</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 14.74</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 12.56</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Income (loss) from investment operations:</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income<SUP>a</SUP></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.35</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.75</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.82</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.83</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.85</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.89</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized and unrealized gain&nbsp;(loss) </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.37</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.88)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.36)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.16</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.04)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.96</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total from investment operations</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.72</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.13)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.46</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.99</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.19)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.85</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distributions to remarketed preferred shareholders from net investment income (common share&nbsp;equivalent)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.00)<SUP>***</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.00)<SUP>***</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.00)<SUP>***</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.01)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net increase (decrease) in net&nbsp;assets from operations applicable to common shareholders</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.72</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.13)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.46</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.99</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.19)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.84</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Less distributions applicable to common shareholders
        from:</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.42)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.84)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.84)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.84)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.84)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.84)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized gains</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.01)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.02)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.01)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.01)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.01)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total distributions</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.43)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.84)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.86)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.85)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.85)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.85)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NAV accretion resulting from Remarketed Preferred Shares tendered at a discount<SUP>a</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net asset value, end of period</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 12.76</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 12.47</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 13.44</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 13.84</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 12.70</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 14.74</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Market price, end of period</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 13.63</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 12.83</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 13.45</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 13.27</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 11.80</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 15.39</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Return</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Based on net asset value&nbsp;(%)<SUP>b</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75<SUP>**</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.27)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.51</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.21</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8.13)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.85</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Based on market price&nbsp;(%)<SUP>b</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.87<SUP>**</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.50</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.04</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.92</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18.25)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding-top: 6pt; padding-bottom: 8pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financial Highlights </B>(continued)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Six Months Ended 5/31/17 (Unaudited)</B></FONT></TD>
    <TD COLSPAN="5" STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Years Ended November 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2014</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ratios to Average Net Assets Applicable to Common Shareholders and Supplemental&nbsp;Data</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets, end of period ($&nbsp;millions)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">503</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">491</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">528</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">544</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">499</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">578</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ratio of expenses (%) (including interest expense)<SUP>c,d</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.94<SUP>*</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.59</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.41</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.45</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.36</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ratio of expenses (%) (excluding interest expense)<SUP>e</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.85<SUP>*</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.85</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.88</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.88</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.87</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.96</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ratio of net investment income&nbsp;(%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.54<SUP>*</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.56</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.01<SUP>f</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.23<SUP>f</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.25<SUP>f</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.52<SUP>f</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio turnover rate&nbsp;(%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18<SUP>**</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding: 4pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Senior Securities</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Preferred Shares information at period end, aggregate
        amount outstanding:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Remarketed Preferred Shares ($&nbsp;millions)</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Series&nbsp;MTPS ($&nbsp;millions)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">199</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">199</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">199</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">189</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">189</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">189</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Asset coverage per share&nbsp;($)<SUP>g</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,661</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,364</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,289</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,675</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,544</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,538</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Liquidation and market price per&nbsp;share&nbsp;($)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding-top: 6pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>a</SUP> Based on average common shares outstanding
        during the period.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>b</SUP> Total return based on net asset value
        reflects changes in the Fund's net asset value during each period. Total return based on market price reflects changes in market
        price. Each figure assumes that dividend and capital gain distributions, if any, were reinvested. These figures will differ depending
        upon the level of any discount from or premium to net asset value at which the Fund's shares traded during the period.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>c</SUP> Interest expense represents interest
        and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities and interest paid to shareholders
        of Series&nbsp;MTPS.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>d</SUP> The ratio of expenses (based on net
        assets of common and Preferred Shares, including interest expense) was 1.38%,&nbsp;1.16%,&nbsp;1.03%,&nbsp;1.05%,&nbsp;0.99% and
        0.84% for the periods ended May 31, 2017, November 30, 2016, 2015, 2014, 2013 and 2012, respectively.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>e</SUP> The ratio of expenses (based on net
        assets of common and Preferred Shares, excluding interest expense) was 0.61%,&nbsp;0.62%,&nbsp;0.64%,&nbsp;0.64%,&nbsp;0.63% and
        0.71% for the periods ended May 31, 2017, November 30, 2016, 2015, 2014, 2013 and 2012, respectively.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>f</SUP> The ratio of net investment income after
        distributions paid to Remarketed Preferred Shareholders was&nbsp;6.01%,&nbsp;6.23%,&nbsp;6.25% and 6.46% for the periods ended
        November&nbsp;30, 2015, 2014, 2013 and 2012, respectively.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>g</SUP> Asset coverage per share equals net
        assets of common shares plus the liquidation value of the Preferred Shares divided by the total number of Preferred Shares outstanding
        at the end of the period.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>* </SUP>Annualized</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>**</SUP> Not annualized</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>***</SUP> Amount is less than $.005.</P></TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes
to Financial Statements </B></FONT><B><FONT STYLE="font-size: 10pt">(Unaudited)</FONT></B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>A. Organization and Significant
Accounting Policies</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Deutsche Municipal Income Trust (the &quot;Fund&quot;)
is registered under the Investment Company Act of 1940, as amended (the &quot;1940 Act&quot;), as a closed-end, diversified management
investment company organized as a Massachusetts business trust.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund's financial statements are prepared in accordance
with accounting principles generally accepted in the United States of America (&quot;U.S. GAAP&quot;) which require the use of
management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic
946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the
preparation of its financial statements.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Security Valuation.</B></FONT>
<FONT STYLE="font-size: 12pt">Investments are stated at value determined as of the close of regular trading on the New York Stock
Exchange on each day the exchange is open for trading. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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&nbsp;3 includes significant unobservable inputs (including the Fund's
own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication
of the risk or liquidity associated with investing in those securities.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Municipal debt securities are valued at prices supplied
by independent pricing services approved by the Fund's Board, whose valuations are intended to reflect the mean between the bid
and asked prices. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality,
coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services
are unable to provide valuations, the securities are valued at the mean of the most recent bid and asked quotations or evaluated
prices, as applicable, obtained from one or more broker-dealers. These securities are generally categorized as Level 2.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Securities and other assets for which market quotations
are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner
that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally
categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include,
but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any
contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer
or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from
the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's
financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased
and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of
the market in which the security is normally traded. The value determined under these procedures may differ from published values
for the same securities.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Disclosure about the classification of fair value
measurements is included in a table following the Fund's Investment Portfolio.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>When Issued/Delayed
Delivery Securities.</B></FONT> <FONT STYLE="font-size: 12pt">The Fund may purchase or sell securities with delivery or payment
to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase or sell
a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such
security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The
value of the security may vary with market fluctuations. At the time the Fund enters into a purchase transaction it is required
to segregate cash or other liquid assets at least equal to the amount of the commitment. Additionally, the Fund may be required
to post securities and/or cash collateral in accordance with the terms of the commitment.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Certain risks may arise upon entering into when-issued
or delayed delivery transactions from the potential inability of counterparties to meet the terms of their contracts or if the
issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes
in the value of the underlying securities.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Inverse Floaters.</B></FONT>
<FONT STYLE="font-size: 12pt">The Fund invests in inverse floaters. Inverse floaters are debt instruments with a weekly floating
rate of interest that bears an inverse relationship to changes in the short-term interest rate market. Inverse floaters are created
by depositing a fixed-rate long-term municipal bond into a special purpose Tender Offer Bond trust (the &quot;TOB Trust&quot;).
In turn the TOB Trust issues a short-term floating rate note and an inverse floater. The short-term floating rate note is issued
in a face amount equal to some fraction of the underlying bond's par amount and is sold to a third party, usually a tax-exempt
money market fund. The Fund receives the proceeds from the sale of the short-term floating rate note and uses the cash proceeds
to make additional investments. The short-term floating rate note represents leverage to the Fund. The Fund, as the holder of the
inverse floater, has full exposure to any increase or decrease in the value of the underlying bond. The income stream from the
underlying bond in the TOB Trust is divided between the floating rate note and the inverse floater. The inverse floater earns all
of the interest from the underlying long-term fixed-rate bond less the amount of interest paid on the floating rate note and the
expenses of the TOB Trust. The floating rate notes issued by the TOB Trust are valued at cost, which approximates fair value.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">By holding the inverse floater, the Fund has the
right to collapse the TOB Trust by causing the holders of the floating rate instrument to tender their notes at par and have the
broker transfer the underlying bond to the Fund. The floating rate note holder can also elect to tender the note for redemption
at par at each reset date. The Fund accounts for these transactions as a form of secured borrowing, by reflecting the value of
the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability under the
caption &quot;Payable for floating rate notes issued&quot; in the Statement of Assets and Liabilities. Income earned on the underlying
bond is included in interest income, and interest paid on the floaters and the expenses of the TOB Trust are included in &quot;Interest
expense&quot; in the Statement of Operations. For the six months ended May 31, 2017, interest expense related to floaters amounted
to $870,815. The weighted average outstanding daily balance of the floating rate notes issued during the six months ended May 31,
2017 was approximately $115,228,000, with a weighted average interest rate of 1.51%.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may enter into shortfall and forbearance
agreements by which the Fund agrees to reimburse the TOB Trust, in certain circumstances, for the difference between the liquidation
value of the underlying bond held by the TOB Trust and the liquidation value of the floating rate notes plus any shortfalls in
interest cash flows. This could potentially expose the Fund to losses in excess of the value of the Fund's inverse floater investments.
In addition, the value of inverse floaters may decrease significantly when interest rates increase. The market for inverse floaters
may be more volatile and less liquid than other municipal bonds of comparable maturity. The TOB Trust could be terminated outside
of the Fund's control, resulting in a reduction of leverage and disposal of portfolio investments at inopportune times and prices.
Investments in inverse floaters generally involve greater risk than in an investment in fixed-rate bonds.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The final rules implementing Section 619 of the Dodd-Frank
Wall Street Reform and Consumer Protection Act (the &quot;Volcker Rule&quot;) preclude banking entities from sponsoring and/or
providing services to TOB Trusts. In response to these rules, investment market participants have developed and are developing
new TOB Trust structures that are designed to ensure that banking entities do not sponsor TOB Trusts in violation of the Volcker
Rule. As of July 17, 2017, the Volcker Rule's final compliance date, all Fund TOB Trusts were structured to be in compliance with
the Volcker Rule. Any new TOB&nbsp;Trust structures must currently comply with the Volcker Rule. A Volcker-compliant TOB Trust
structure is similar to traditional TOB Trust structures, with certain key differences. The basic features of the new Volcker-compliant
TOB Trust structure currently intended to be implemented by the funds are as follows:</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
Portfolio management continues to make certain basic investment determinations, such as which bonds are placed in the TOB Trust,
the amount of leverage for any given transaction, whether the transaction is structured as non-recourse or recourse, etc.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
Similar to traditional TOB Trust structures, the fund continues to be the holder of the TOB Inverse Floater Residual Interests.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
Unlike traditional TOB Trust structures, a bank or financial institution no longer serves as the sponsor, depositor, or trust administrator
nor does it have any discretionary decision making authority with respect to the TOB Trust.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
Consistent with traditional TOB Trust structures, a bank or financial institution serves as the trustee, liquidity provider, and
remarketing agent.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
A third-party administrative agent retained by the fund performs certain of the roles and responsibilities historically provided
by banking entities in traditional TOB Trust structures, including certain historical sponsor/administrative roles and responsibilities.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The ultimate impact of the new rules on the inverse
floater market and the municipal market generally is not yet certain. Such changes could make early unwinds of TOB Trusts more
likely, may make the use of TOB Trusts more expensive, and may make it more difficult to use TOB Trusts in general. The new rules
may also expose the Fund to additional risks, including, but not limited to, compliance, securities law and operational risks.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Federal Income Taxes.</B></FONT>
<FONT STYLE="font-size: 12pt">The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which
are applicable to regulated investment companies, and to distribute all of its taxable and tax-exempt income to its shareholders.
</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Under the Regulated Investment Company Modernization
Act of 2010, net capital losses incurred post-enactment may be carried forward indefinitely, and their character is retained as
short-term and/or long-term. Previously, net capital losses were carried forward for eight years and treated as short-term losses.
As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">At November 30, 2016, the Fund had a net tax basis
capital loss carryforward of approximately $6,428,000, including $4,661,000 of pre-enactment losses, which may be applied against
any realized net taxable capital gains of each succeeding year until fully utilized or until November 30, 2017 ($2,864,000), November
30, 2018 ($500,000) and November 30, 2019 ($1,297,000), the respective expiration dates, whichever occurs first; and $1,767,000
of post-enactment losses, which may be applied against realized net taxable capital gains indefinitely, including short-term losses
($1,767,000).</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund has reviewed the tax positions for the open
tax years as of November 30, 2016 and has determined that no provision for income tax and/or uncertain tax provisions is required
in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination
by the Internal Revenue Service.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Distribution of
Income and Gains.</B></FONT> <FONT STYLE="font-size: 12pt">Distributions from net investment income of the Fund are declared and
distributed to shareholders monthly. Net realized gains from investment transactions, in excess of available capital loss carryforwards,
would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund
may also make additional distributions for tax purposes if necessary.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The timing and characterization of certain income
and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting
principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at
a loss, reclassification of distributions and accretion of market discount on debt securities. As a result, net investment income
(loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions
during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without
impacting the net asset value of the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The tax character of current year distributions will
be determined at the end of the current fiscal year.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Preferred Shares.</B></FONT>
<FONT STYLE="font-size: 12pt">At May 31, 2017, the Fund had issued and outstanding 39,750 Floating Rate Municipal Term Preferred
Shares (&quot;Series 2018 MTPS&quot;) in a private offering with an aggregate liquidation preference of $198,750,000 ($5,000 per
share). The Series 2018 MTPS are floating rate preferred shares with a mandatory term redemption date of June 1, 2018, unless extended.
Dividends on the Series 2018 MTPS are set weekly to a fixed&nbsp;spread (dependent on the then current rating of the Series 2018
MTPS) to the Securities Industry and Financial Markets Association (&quot;SIFMA&quot;) Municipal Swap Index. The average annualized
dividend rate on the Series 2018 MTPS for the period December 1, 2016 through May 31, 2017 was 1.73%. In the Fund's Statement of
Assets and Liabilities, the Series 2018 MTPS' aggregate liquidation preference is shown as a liability since the Series 2018 MTPS
have a stated mandatory redemption date. Dividends paid on the Series 2018 MTPS are treated as interest expense and recorded as
incurred. For the period December 1, 2016 through May&nbsp;31, 2017, interest expense related to Series 2018 MTPS amounted to $1,761,836.
Costs directly related to the issuance of Series 2018 MTPS have been deferred and are being amortized over the life of the MTPS.
The Series 2018 MTPS are senior in priority to the Fund&rsquo;s outstanding common shares as to payments of dividends and distributions
upon liquidation. The Fund used a portion of the proceeds from the sale of its Series 2018 MTPS to fund the redemption on June
1, 2015 of all of its outstanding Floating Rate Municipal Term Preferred Shares (&quot;Series 2015 MTPS&quot;) and used the remaining
portion of its Series 2018 MTPS offering proceeds to fund the redemption of all of its outstanding Series B, C and E remarketed
preferred shares (&quot;Remarketed Preferred Shares&quot;). The redemption date for the Fund&rsquo;s Series B and C Remarketed
Preferred Shares was June 12, 2015, and the redemption date for its Series E Remarketed Preferred Shares was June 15, 2015. The
Remarketed Preferred Shares were redeemed at their respective liquidation preferences per share plus dividends owed to, but excluding,
the applicable redemption dates.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">As a result of its Series 2018 MTPS issuance and
the redemption of the outstanding Series 2015 MTPS and Remarketed Preferred Shares, the Fund&rsquo;s leverage attributable to preferred
shares remains unchanged.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Under the terms of a purchase agreement between the
Fund and the initial purchaser of the Series 2018 MTPS, the Fund is subject to various investment restrictions that are substantially
similar to those that were in place with respect to the Series 2015 MTPS. These investment restrictions are, in certain respects,
more restrictive than those to which the Fund is otherwise subject in accordance with its investment objective and policies. Such
restrictions may limit the investment flexibility that might otherwise be pursued by the Fund if the Series 2018 MTPS were not
outstanding. In addition, the Fund is subject to certain restrictions on its investments imposed by guidelines of the rating agencies
that rate the Series 2018 MTPS, which guidelines may be changed by the applicable rating agency, in its sole discretion, from time
to time. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed
on the Fund by the 1940 Act. Moreover, the Fund is required to maintain various asset coverage ratios with respect to the Series
2018 MTPS in accordance with the Fund's charter documents and the 1940 Act.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The 1940 Act requires that the preferred shareholders
of the Fund, voting as a separate class, have the right to: a) elect at least two trustees at all times, and b) elect a majority
of the trustees at any time when dividends on the preferred shares are unpaid for two full years. Unless otherwise required by
law or under the terms of the preferred shares, each preferred shareholder is entitled to one vote and preferred shareholders will
vote together with common shareholders as a single class.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Leverage involves risks and special considerations
for the Fund's common shareholders, including the likelihood of greater volatility of net asset value and market price of, and
dividends on, the Fund's common shares than a comparable portfolio without leverage; the risk that fluctuations in interest rates
will reduce the return to common shareholders; and the effect of leverage in a declining market, which is likely to cause a greater
decline in the net asset value of the Fund's common shares than if the Fund were not leveraged, which may result in a greater decline
in the market price of the Fund's common shares. Changes in the value of the Fund's portfolio will be borne entirely by the common
shareholders. If there is a net decrease (or increase) in the value of the Fund's investment portfolio, leverage will decrease
(or increase) the net asset value per share to a greater extent than if leverage were not used. It is also possible that the Fund
will be required to sell assets at a time when it would otherwise not do so, possibly at a loss, in order to redeem preferred shares
to comply with asset coverage or other restrictions imposed by the rating agencies that rate the preferred shares. There is no
assurance that the Fund's leveraging strategy will be successful.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Statement of Cash
Flows.</B></FONT> <FONT STYLE="font-size: 12pt">Information on financial transactions which have been settled through the receipt
and disbursement of cash is presented in the Statement of Cash Flows. The cash amount shown in the Statement of Cash Flows represents
the cash position at the Fund's custodian bank at May 31, 2017. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Contingencies.</B></FONT>
<FONT STYLE="font-size: 12pt">In the normal course of business, the Fund may enter into contracts with service providers that contain
general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future
claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of
loss to be remote.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Other. </B></FONT><FONT STYLE="font-size: 12pt">Investment
transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting
purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Realized gains
and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted
for financial reporting purposes, with the exception of securities in default of principal.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>B. Purchases and Sales of Securities</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">During the six months ended May 31, 2017, purchases
and sales of investment securities (excluding short-term investments) aggregated $145,379,254 and $177,704,389, respectively.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>C. Related Parties</B></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Management Agreement.</B></FONT>
<FONT STYLE="font-size: 12pt">Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. (&quot;DIMA&quot;
or the &quot;Advisor&quot;), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of the
Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments
and other contracts relating to investments to be purchased, sold or entered into by the Fund. In addition to portfolio management
services, the Advisor provides certain administrative services in accordance with the Investment Management Agreement. The management
fee payable under the Investment Management Agreement is equal to an annual rate of 0.55% of the Fund's&nbsp;average weekly net
assets, computed and accrued daily and payable monthly. Average weekly net assets, for purposes of determining the management fee,
means the average weekly value of the total assets of the Fund, minus the sum of accrued liabilities of the Fund (other than the
liquidation value of the Series 2018 MTPS).</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Service Provider
Fees.</B></FONT> <FONT STYLE="font-size: 12pt">Deutsche AM Service Company (&quot;DSC&quot;), an affiliate of the Advisor, is the
transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between
DSC and DST Systems, Inc. (&quot;DST&quot;), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service
agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months
ended May 31, 2017, the amount charged&nbsp;to the Fund by DSC aggregated $11,452, of which $6,855 is unpaid.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Typesetting and
Filing Service Fees.</B></FONT> <FONT STYLE="font-size: 12pt">Under an agreement with DIMA, DIMA is compensated for providing typesetting
and certain regulatory filing services to the Fund. For the six months ended May 31, 2017, the amount charged to the Fund by DIMA
included in the Statement of Operations under &quot;Reports to shareholders&quot; aggregated $6,909, of which $6,886 is unpaid.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Trustees' Fees and
Expenses.</B></FONT> <FONT STYLE="font-size: 12pt">The Fund paid retainer fees to each Trustee not affiliated with the Advisor,
plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Transactions with
Affiliates.</B></FONT> <FONT STYLE="font-size: 12pt">The Fund may purchase securities from, or sell securities to, an affiliated
fund provided the affiliation is solely due to having a common investment adviser, common officers or common trustees. During the
period ended May 31, 2017, the Fund engaged in securities purchases of $38,180,000 and securities sales of $44,185,000 with an
affiliated fund in compliance with Rule 17a-7 under the 1940 Act.</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>D. Share Repurchases</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Board has authorized the Fund to effect periodic
repurchases of its outstanding shares in the open market from time to time when the Fund's shares trade at a discount to their
net asset value. During the six months ended May 31, 2017 and the year ended November 30, 2016, the Fund did not repurchase shares
in the open market.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">On September 21, 2016, the Fund announced that the
Fund&rsquo;s Board of Trustees extended the Fund&rsquo;s existing open market share repurchase program for an additional 12-month
period. The Fund may continue to purchase outstanding shares of common stock in open-market transactions over the period from December
1, 2016 until November 30, 2017, when the Fund&rsquo;s shares trade at a discount to net asset value. The Board&rsquo;s authorization
of the repurchase program extension follows the previous repurchase program, which commenced on December 1, 2015 and ran until
November 30, 2016.</P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Dividend Reinvestment and Cash
Purchase&nbsp;Plan</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Board of Trustees of the Fund has established
a Dividend Reinvestment and Cash Purchase Plan (the &quot;Plan&quot;) for shareholders that elect to have all dividends and distributions
automatically reinvested in shares of the Fund (each a &quot;Participant&quot;). DST Systems, Inc. (the &quot;Plan Agent&quot;)
has been appointed by the Fund&rsquo;s Board of Trustees to act as agent for each Participant.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">A summary of the Plan is set forth below. Shareholders
may obtain a copy of the entire Dividend Reinvestment and Cash Purchase Plan by visiting the Fund&rsquo;s Web site at deutschefunds.com
or by calling (800) 294-4366.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">If you wish to participate in the Plan and your shares
are held in your own name, contact Deutsche AM Service Company (the &quot;Transfer Agent&quot;) at P.O.&nbsp;Box&nbsp;219066, Kansas
City, Missouri 64121-9066 or (800) 294-4366 for the appropriate form. Current shareholders may join the Plan by either enrolling
their shares with the Transfer Agent or making an initial cash deposit of at least $250 with the Transfer Agent. First-time investors
in the Fund may join the Plan by making an initial cash deposit of at least $250 with the Transfer Agent. Initial cash deposits
will be invested within approximately 30 days. If your shares are held in the name of a broker or other nominee, you should contact
the broker or nominee in whose name your shares are held to determine whether and how you may participate in the Plan.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Transfer Agent will establish a Dividend Investment
Account (the &quot;Account&quot;) for each Participant in the Plan. The Transfer Agent will credit to the Account of each Participant
any cash dividends and capital gains distributions (collectively, &quot;Distributions&quot;) paid on shares of the Fund (the &quot;Shares&quot;)
and any voluntary cash contributions made pursuant to the Plan. Shares in a Participant&rsquo;s Account are transferable upon proper
written instructions to the Transfer Agent.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">If, on the valuation date for a Distribution, Shares
are trading at a discount from net asset value per Share, the Plan Agent shall apply the amount of such Distribution payable to
a Participant (less a Participant&rsquo;s pro rata share of brokerage commissions incurred with respect to open-market purchases
in connection with the reinvestment of such Distribution) to the purchase on the open market of Shares for a Participant&rsquo;s
Account. If, on the valuation date for a Distribution, Shares are trading at a premium over net asset value per Share, the Fund
will issue on the payment date, Shares valued at net asset value per Share on the valuation date to the Transfer Agent in the aggregate
amount of the funds credited to a Participant&rsquo;s Account. The Fund will increase the price at which Shares may be issued under
the Plan to 95% of the fair market value of the Shares on the valuation date if the net asset value per Share of the Shares on
the valuation date is less than 95% of the fair market value of the Shares on the valuation date. The valuation date will be the
payment date for Distributions. Open-market purchases will be made on or shortly after the valuation date for Distributions, and
in no event more than 30 days after such date except where temporary curtailment or suspension of purchase is necessary to comply
with applicable provisions of federal securities law.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">A Participant may from time to time make voluntary
cash contributions to his or her Account in a minimum amount of $100 in any month (with a $36,000 annual limit) for the purchase
on the open market of Shares for the Participant&rsquo;s Account. Such voluntary contributions will be invested by the Plan Agent
on or shortly after the 15th of each month and in no event more than 30 days after such dates, except where temporary curtailment
or suspension of purchase is necessary to comply with applicable provisions of federal securities law. Voluntary cash contributions
received from a Participant on or prior to the fifth day preceding the 15th of each month will be applied by the Plan Agent to
the purchase of additional Shares as of that investment date. No interest will be paid on voluntary cash contributions held until
investment. Consequently, Participants are strongly urged to ensure that their payments are received by the Transfer Agent on or
prior to the fifth day preceding the 15th of any month. Voluntary cash contributions should be made in U.S. dollars and be sent
by first-class mail, postage prepaid only to the following address (deliveries to any other address do not constitute valid delivery):</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Deutsche Municipal Income Trust<BR>
Dividend Reinvestment and Cash Purchase Plan<BR>
c/o Deutsche AM Service Company<BR>
P.O. Box 219066<BR>
Kansas City, MO 64121-9066<BR>
(800) 294-4366</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Participants may withdraw their entire voluntary
cash contribution by written notice received by the Transfer Agent not less than 48 hours before such payment is to be invested.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The cost of Shares acquired for each Participant&rsquo;s
Account in connection with the Plan shall be determined by the average cost per Share, including brokerage commissions, of the
Shares acquired. There will be no brokerage charges with respect to Shares issued directly by the Fund as a result of Distributions.
However, each Participant will pay a pro rata share of brokerage commissions incurred with respect to open market purchases.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The reinvestment of Distributions does not relieve
the Participant of any tax that many be payable on the Distributions. The Transfer Agent will report to each Participant the taxable
amount of Distributions credited to his or her Account. Participants will be treated for federal income tax purposes as receiving
the amount of the Distributions made by the Fund, which amount generally will be either equal to the amount of the cash distribution
the Participant would have received if the Participant had elected to receive cash or, for Shares issued by the Fund, the fair
market value of the Shares issued to the Participant.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may amend the Plan at any time or times
but, only by mailing to each Participant appropriate written notice at least 90 days prior to the effective date thereof except
when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission
or any other regulatory authority in which case such amendment shall be effective as soon as practicable. The Plan also may be
terminated by the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Shareholders may withdraw from the Plan at any time
by giving the Transfer Agent a written notice. A notice of withdrawal will be effective immediately following receipt of the notice
by the Transfer Agent provided the notice is received by the Transfer Agent at least ten calendar days prior to the record date
for the Distribution; otherwise such withdrawal will be effective after the investment of the current Distribution. When a Participant
withdraws from the Plan, or when the Plan is terminated by the Fund, the Participant will receive a certificate for full Shares
in the Account, plus a check for any fractional Shares based on market price; or, if a Participant so desires, the Transfer Agent
will notify the Plan Agent to sell his or her Shares in the Plan and send the proceeds to the Participant, less brokerage commissions.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">All correspondence and inquiries concerning the Plan,
and requests for additional information about the Plan, should be directed to Deutsche AM Service Company at P.O. Box&nbsp;219066,
Kansas City, Missouri 64121-9066 or (800) 294-4366.</P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Additional Information</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Automated Information Line</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Deutsche AM Closed-End Fund Info Line</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(800) 349-4281</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Web Site</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>deutschefunds.com</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Obtain fact sheets, financial reports, press releases
        and webcasts when available.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Written Correspondence</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Deutsche Asset Management</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Attn: Secretary of the Deutsche Funds</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">One Beacon Street</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Boston, MA 02108</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Legal Counsel</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Vedder Price P.C.</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">222 North LaSalle Street</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Chicago, IL 60601</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Dividend Reinvestment Plan&nbsp;Agent</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>DST Systems, Inc.</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">333 W. 11th Street, 5th Floor</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Kansas City, MO 64105</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Shareholder Service Agent and Transfer Agent</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Deutsche AM Service Company</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">P.O. Box 219066</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Kansas City, MO 64121-9066</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(800) 294-4366</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Custodian</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>State Street Bank and Trust Company</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">State Street Financial Center</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">One Lincoln Street</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Boston, MA 02111</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Independent Registered Public Accounting Firm</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Ernst &amp; Young LLP</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">200 Clarendon Street</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Boston, MA 02116</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Proxy Voting</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund&nbsp;voted proxies related to its portfolio securities during the most recent 12-month period ended June&nbsp;30 are available on our Web site &mdash; deutschefunds.com (click on &quot;proxy voting&quot;at the bottom of the&nbsp;page) &mdash; or on the SEC's Web site &mdash; sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800)&nbsp;728-3337.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Portfolio Holdings</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800)&nbsp;SEC-0330. The fund's portfolio holdings as of the month-end are posted on deutschefunds.com on or after the last day of the following month. More frequent posting of portfolio holdings information may be made from time to time on deutschefunds.com. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Investment Management</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Deutsche Investment Management Americas Inc. (&quot;DIMA&quot;
        or the&nbsp;&quot;Advisor&quot;), which is part of Deutsche Asset Management, is the investment advisor for the fund. DIMA and
        its predecessors have more than 80 years of experience managing mutual funds and DIMA provides a full range of investment advisory
        services to both institutional and retail clients.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">DIMA is an indirect, wholly owned subsidiary of Deutsche
        Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment
        management, retail, private and commercial banking, investment banking and insurance.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>NYSE Symbol</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">KTF</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>CUSIP Numbers</B></FONT></TD>
    <TD STYLE="width: 37%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common Shares</FONT></TD>
    <TD STYLE="width: 37%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25160C 106</FONT></TD></TR>
</TABLE>
<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Privacy Statement</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 12pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>FACTS</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 12pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>What Does Deutsche Asset Management Do With Your Personal&nbsp;Information?</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Why?</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>What?</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The types of personal information we collect and
        share can include:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        Social Security number</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        Account balances</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        Purchase and transaction history</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        Bank account information</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        Contact information such as mailing address, e-mail address and telephone number</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>How?</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons Deutsche Asset Management chooses to share and whether you can limit this sharing.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reasons we can share your personal information</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 12pt; padding-bottom: 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Does Deutsche Asset Management share?</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Can you limit this&nbsp;sharing?</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For our everyday business purposes &mdash; </B>such&nbsp;as&nbsp;to process your transactions, maintain your&nbsp;account(s), respond to court orders or legal&nbsp;investigations</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For our marketing purposes &mdash; </B>to offer our products and services to you</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For joint marketing with other financial companies</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We do not share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For our affiliates' everyday business purposes&nbsp;&mdash; </B>information about your transactions&nbsp;and experiences</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We do not share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For our affiliates' everyday business purposes&nbsp;&mdash; </B>information about your creditworthiness</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We do not share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For non-affiliates to market to you</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We do not share</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Questions?</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Call (800) 728-3337 or e-mail us at service@db.com</FONT></TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 21%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 12pt 2.9pt 8pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Who we are</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Who is providing this&nbsp;notice?</B></FONT></TD>
    <TD STYLE="width: 74%; border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deutsche AM Distributors, Inc; Deutsche Investment Management Americas Inc.; Deutsche AM Investor Services, Inc.; Deutsche AM Trust Company; the Deutsche Funds</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>What we do</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>How does Deutsche Asset Management protect&nbsp;my personal information?</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These&nbsp;measures include computer safeguards and secured files and&nbsp;buildings.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>How does Deutsche Asset Management collect&nbsp;my personal information?</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">We collect your personal information, for example,
        when you:</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        open an account</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        give us your contact information</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        provide bank account information for ACH or wire transactions</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        tell us where to send money</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        seek advice about your investments</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Why can't I limit all sharing?</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Federal law gives you the right to limit only</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        sharing for affiliates' everyday business purposes &mdash; information&nbsp;about your creditworthiness</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        affiliates from using your information to market to you</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
        sharing for non-affiliates to market to you</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">State laws and individual companies may give you
        additional rights to limit sharing.</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Definitions</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Affiliates</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (&quot;DB&quot;) name, such as DB AG Frankfurt.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-affiliates</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Companies not related by common ownership or control.
        They can be financial and non-financial companies.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Non-affiliates we share with include account service
        providers, service quality monitoring services, mailing service providers and verification services to help in the fight against
        money laundering and fraud.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Joint marketing</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A formal agreement between non-affiliated financial companies that&nbsp;together market financial products or services to you. Deutsche&nbsp;Asset Management does not jointly market.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 8pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rev. 05/2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Notes</B></P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Notes</B></P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Notes</B></P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Notes</B></P>

<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Notes</B></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_003.jpg" ALT="MIT_backcover0" STYLE="height: 628px; width: 403px"></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72.25pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 370.55pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 2.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>CODE OF ETHICS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 3.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>AUDIT COMMITTEE FINANCIAL EXPERT</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 4.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 5.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>AUDIT COMMITTEE OF LISTED REGISTRANTS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 6.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>SCHEDULE OF INVESTMENTS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 7.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 8.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 9.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="LEFT" STYLE="width: 100%; border-collapse: collapse; margin-left: 6.75pt; margin-right: 6.75pt; font-size: 12pt">
<TR STYLE="height: 15.3pt; vertical-align: bottom">
    <TD STYLE="width: 2.5in; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 0.5in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 0.5in; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 1in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="width: 1in; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="height: 72.75pt; vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 72.75pt; font-family: Times New Roman,serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 72.75pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Total Number of</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Shares Purchased</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 72.75pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Average Price Paid</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">per Share</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 72.75pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Total Number of</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Shares Purchased as</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Part of Publicly Announced</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Plans or Programs</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 72.75pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Maximum Number of</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Shares that May Yet Be</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Purchased Under the</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Plans or Programs</P></TD></TR>
<TR STYLE="height: 15.3pt; vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="height: 15.3pt; vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">December 1 through December 31</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="height: 15.3pt; vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">January 1 through January 31</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="height: 15.3pt; vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">February 1 through February 28</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="height: 15.3pt; vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">March 1 through March 31</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="height: 15.3pt; vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">April 1 through April 30</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="height: 15.3pt; vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">May 1 through May 31</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="height: 15.3pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="height: 15.3pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Total </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="height: 15.3pt; vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt">&nbsp;</TD></TR>
<TR STYLE="height: 15.3pt; vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">The Fund may from time to time repurchase shares in the open market.</FONT></TD></TR>
<TR STYLE="height: 15.3pt; vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt">&nbsp;</TD></TR>
<TR STYLE="height: 15.3pt; vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 15.3pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">On September 21, 2016, the Fund announced that the Fund's Board of Trustees extended the Fund's existing open market share repurchase program for an additional 12 month period.&nbsp;&nbsp;The Fund may continue to purchase outstanding shares of common stock in open-market transactions over the period December 1, 2016 until November 30, 2017, when the Fund's shares trade at a discount to net asset value.&nbsp;&nbsp;The Board's authorization of the repurchase program extension follows the previous repurchase program, which commenced on December 1, 2015 and ran until November 30, 2016.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 10.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">There were no material changes to the procedures by which shareholders may recommend nominees to the Fund&#8217;s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, Deutsche Funds Board Chair, c/o Thomas R. Hiller, Ropes &amp; Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 11.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>CONTROLS AND PROCEDURES</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0.5in; font-family: Times New Roman,serif; text-indent: -0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72.25pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 36.65pt; padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">(a)</TD>
    <TD STYLE="width: 333.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">The Chief Executive and Financial Officers concluded that the Registrant&#8217;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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">(b)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">There have been no changes in the registrant&#8217;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal controls over financial reporting.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><BR CLEAR="ALL">
<B>ITEM 12.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt"><B>EXHIBITS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">(a)(1)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-indent: -0.9pt">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">(a)(2)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-indent: -0.9pt">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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">(b)&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>



<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>



<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">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.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 148.5pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Registrant:</FONT></TD>
    <TD STYLE="width: 288.9pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Deutsche Municipal Income Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><U>/s/Brian E. Binder</U></P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Brian E. Binder</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7/28/2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">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.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 148.5pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 288.9pt; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><U>/s/Brian E. Binder</U></P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Brian E. Binder</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7/28/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><U>/s/Paul Schubert</U></P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Paul Schubert</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Chief Financial Officer and Treasurer</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7/28/2017</FONT></TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>President</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>Form N&#45;CSRS Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">I, Brian E. Binder, certify that:</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">1)</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">I have reviewed this report, filed on behalf of Deutsche Municipal Income Trust, on Form N&#45;CSRS;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">c)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">d)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 41.4pt">&nbsp;</TD>
    <TD STYLE="width: 40.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 159.6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.9pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 211.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7/28/2017</FONT></TD>
    <TD STYLE="width: 265.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><U>/s/Brian E. Binder</U></FONT></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Brian E. Binder</FONT></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; height: 16.5pt; text-align: right; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>Form N&#45;CSRS Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">I, Paul Schubert, certify that:</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">I have reviewed this report, filed on behalf of Deutsche Municipal Income Trust, on Form N&#45;CSRS;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">c)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">d)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 45.9pt">&nbsp;</TD>
    <TD STYLE="width: 31.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 159.6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.9pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="width: 211.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7/28/2017</FONT></TD>
    <TD STYLE="width: 265.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><U>/s/Paul Schubert</U></FONT></TD></TR>
<TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.05pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Paul Schubert </FONT></TD></TR>
<TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; height: 16.05pt; text-align: right; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Chief Financial Officer and Treasurer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>ex99906cert.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
<HTML>
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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>President</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">I, Brian E. Binder, certify that:</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45.9pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 396.9pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">I have reviewed this report, filed on behalf of Deutsche Municipal Income Trust, on Form N&#45;CSRS;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSRS (the &ldquo;Report&rdquo;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 5.4pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 207pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7/28/2017</FONT></TD>
    <TD STYLE="width: 3in; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><U>/s/Brian E. Binder</U></FONT></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Brian E. Binder</FONT></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; height: 16.5pt; text-align: right; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">I, Paul Schubert, certify that:</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45.9pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 396.9pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">I have reviewed this report, filed on behalf of Deutsche Municipal Income Trust, on Form N&#45;CSRS;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSRS (the &ldquo;Report&rdquo;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 5.4pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 207pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7/28/2017</FONT></TD>
    <TD STYLE="width: 3in; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><U>/s/Paul Schubert</U></FONT></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Paul Schubert </FONT></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; height: 16.5pt; text-align: right; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Chief Financial Officer and Treasurer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri,sans-serif; margin: 0 0 8pt">&nbsp;</P>


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