<SEC-DOCUMENT>0000855887-16-000013.txt : 20160426
<SEC-HEADER>0000855887-16-000013.hdr.sgml : 20160426
<ACCEPTANCE-DATETIME>20160426150758
ACCESSION NUMBER:		0000855887-16-000013
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160229
FILED AS OF DATE:		20160426
DATE AS OF CHANGE:		20160426
EFFECTIVENESS DATE:		20160426

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DREYFUS STRATEGIC MUNICIPAL BOND FUND INC
		CENTRAL INDEX KEY:			0000855887
		IRS NUMBER:				051287040
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05877
		FILM NUMBER:		161591787

	BUSINESS ADDRESS:	
		STREET 1:		THE DREYFUS CORPORATION
		STREET 2:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
		BUSINESS PHONE:		2129228297

	MAIL ADDRESS:	
		STREET 1:		C/O DREYFUS CORP
		STREET 2:		200 PARK AVENUE, 8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>lp1852.htm
<DESCRIPTION>FORM N-Q
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 24pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C.&nbsp; 20549</FONT></B></P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT<BR>INVESTMENT COMPANY</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Investment Company Act file number</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Dreyfus Strategic Municipal Bond Fund, Inc.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(Exact name of Registrant as specified in charter)</FONT></P></TD>

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

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

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

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

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

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

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(Name and address of agent for service)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Registrant's telephone number, including area code:&nbsp; </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(212) 922-6400</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date of fiscal year end:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">11/30</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date of reporting period:</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">2/29/16</FONT></P></TD>

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

<P style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Item 1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments.</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS</FONT><BR><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>Dreyfus Strategic Municipal Bond Fund, Inc.</FONT><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>February 29, 2016 (Unaudited)</FONT></P>

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   <TD bgColor=#d9d9d9 width="42%" align=left>&nbsp;</TD>

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

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

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

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

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 142.0%</FONT></B>&nbsp;</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

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

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   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Alabama - 4.5%</FONT></B>&nbsp;</TD>

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   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Birmingham Special Care Facilities</FONT>&nbsp;</TD>

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   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Financing Authority,</FONT>&nbsp;</TD>

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

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   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Improvement Revenue (Methodist</FONT>&nbsp;</TD>

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   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Home for the Aging)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/30</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,800,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,829,466</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Birmingham Special Care Facilities</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Financing Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Improvement Revenue (Methodist</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Home for the Aging)</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,750,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,797,005</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Jefferson County,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Limited Obligation School Warrants</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/17</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,019,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Jefferson County,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Limited Obligation School Warrants</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,150,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,170,984</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Jefferson County,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Limited Obligation School Warrants</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/24</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,009,760</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Jefferson County,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Sewer Revenue Warrants</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">0/7.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/46</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,388,280</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Lower Alabama Gas District,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Gas Project Revenue</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9/1/46</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,856,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">19,071,865</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Alaska - 1.7%</FONT></B>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Northern Tobacco Securitization</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corporation of Alaska,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/46</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,465,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">7,246,463</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Arizona - 6.5%</FONT></B>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Barclays Capital Municipal Trust Receipts</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 21 W),</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Salt River Project Agricultural</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Improvement and Power District, Salt</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">River Project Electric System Revenue)</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Recourse</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/38</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">13,198,367</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">14,050,295</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Phoenix Industrial Development Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Facility Revenue (BASIS</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Schools Projects)</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/46</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,064,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Phoenix Industrial Development Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Facility Revenue (BASIS</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Schools, Inc. Projects)</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,032,480</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Phoenix Industrial Development Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Facility Revenue (Legacy</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Traditional Schools Projects)</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,300,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,318,317</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Pima County Industrial Development</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Revenue (American Charter</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Schools Foundation Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/26</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,001,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Salt Verde Financial Corporation,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Gas Revenue</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/37</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,550,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,390,521</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">27,857,313</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="10%"></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 142.0%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">California - 17.1%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 80 W),</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,048,834</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,800,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,870,394</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3/1/33</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,672,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,837,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,891,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4/1/37</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,975,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,093,505</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/47</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,834,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 4361),</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,842,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 4414),</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5/15/21</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,785,160</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 4421),</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5/15/21</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,310,875</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,440,960</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,838,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Numbers 2,3 and 4)</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/1/38</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,479,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/29</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,281,880</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">73,227,008</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Colorado - 1.3%</FONT></B>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 4386),</FONT>&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,950,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">5,689,678</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="42%"></TD>

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

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

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

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

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

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   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 142.0%</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.96pt" bgColor=#d9d9d9 width="11%" align=left><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(continued)</FONT></B>&nbsp;</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Connecticut - 1.2%</FONT></B>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Connecticut Resources Recovery Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Obligation Revenue (American</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">REF-FUEL Company of Southeastern</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Connecticut Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.45 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>11/15/22</FONT></TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,985,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">4,995,817</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">District of Columbia - 4.2%</FONT></B>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">RIB Floater Trust (Barclays Bank PLC)</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 15 U),</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(District of Columbia, Income Tax</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Secured Revenue) Recourse</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=left><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">14,828,227</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">17,788,517</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Florida - 5.3%</FONT></B>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Cape Coral Health Facilities Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Housing Revenue (Gulf Care, Inc.</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=left><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.88</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,600,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,642,048</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Mid-Bay Bridge Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Springing Lien Revenue (Prerefunded)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=left><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,606,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Palm Beach County Health Facilities</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Retirement Community Revenue (Adult</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Communities Total Services, Inc.</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Retirement - Life Communities, Inc.</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Obligated Group)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>11/15/33</FONT></TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,825,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,551,726</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Saint Johns County Industrial Development</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Presbyterian Retirement</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Communities Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=left><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,500,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,923,255</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">South Lake County Hospital District,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (South Lake Hospital, Inc.)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=left><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4/1/39</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,500,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,825,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">22,548,629</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Georgia - 3.5%</FONT></B>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Atlanta,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Water and Wastewater Revenue</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Insured; Assured Guaranty Municipal</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corp.)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=left><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,125,440</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Atlanta,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Water and Wastewater Revenue</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Prerefunded)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=left><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,865,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,780,885</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Atlanta Development Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Lien Revenue (New Downtown</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Atlanta Stadium Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=left><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,174,910</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">RIB Floater Trust (Barclays Bank PLC)</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 20 U),</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Private Colleges and Universities</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Revenue (Emory</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">University)) Recourse</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=left><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/43</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,918,840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">15,000,075</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Hawaii - 1.2%</FONT></B>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hawaii Department of Budget and Finance,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Purpose Revenue (Hawai'i</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Pacific Health Obligated Group)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=left><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.63</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/30</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,500,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,869,725</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hawaii Department of Budget and Finance,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Purpose Revenue (Hawaiian</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Electric Company, Inc. and Subsidiary</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Projects)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=left><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/39</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,272,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">5,142,625</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 142.0%</FONT></B>&nbsp;</TD>

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

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

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

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(continued)</FONT></B>&nbsp;</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Illinois - 5.3%</FONT></B>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Chicago,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">General Airport Third Lien Revenue</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Chicago O'Hare International Airport)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.63</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,482,580</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Chicago,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">GO</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,200,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,055,478</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Chicago,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Second Lien Wastewater Transmission</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/39</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,330,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,525,394</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Illinois Finance Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Plymouth Place, Inc.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5/15/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,029,360</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Illinois Toll Highway Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Toll Highway Senior Revenue</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,500,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,723,560</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Pier and Exposition</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (McCormick Place Expansion</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>12/15/28</FONT></TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,500,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,715,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Pier and Exposition</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (McCormick Place Expansion</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/15/53</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,500,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,648,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Railsplitter Tobacco Settlement Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Revenue</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/28</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,600,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,309,884</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">22,489,806</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Iowa - 1.8%</FONT></B>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Iowa Finance Authority,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Midwestern Disaster Area Revenue</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Iowa Fertilizer Company Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,125,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,605,417</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Authority of Iowa,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.60</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/34</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,001,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">7,607,137</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Kentucky - .2%</FONT></B>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Louisville/Jefferson County Metro</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Government,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Health Facilities Revenue (Jewish</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hospital and Saint Mary's HealthCare,</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Inc. Project) (Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.13</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">1,105,120</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Louisiana - 1.3%</FONT></B>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Louisiana Local Government</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Environmental Facilities and</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Community Development Authority,</FONT>&nbsp;</TD>

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

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Westlake Chemical</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corporation Projects)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/32</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,301,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New Orleans,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Water Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,130,070</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">5,431,870</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Maine - .5%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Maine Health and Higher Educational</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Facilities Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Maine General Medical Center</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Issue)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/32</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="14%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">2,398,220</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="42%"></TD>

   <TD width="10%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD>

   <TD width="4%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 142.0%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Maryland - 1.1%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">JPMorgan Chase Putters/Drivers Trust</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 4422),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Mayor and City Council of Baltimore,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project Revenue (Water Projects)) Non-</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">4,579,020</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Massachusetts - 9.7%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">JPMorgan Chase Putters/Drivers Trust</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 3840),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Massachusetts Development Finance</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Agency, Revenue (Harvard University</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Issue)) Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11,787,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">JPMorgan Chase Putters/Drivers Trust</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 3898),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Massachusetts, Consolidated Loan)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,400,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,581,440</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">JPMorgan Chase Putters/Drivers Trust</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 4395),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(University of Massachusetts Building</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Project and Refunding</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue) Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,406,665</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,320,318</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Massachusetts Development Finance</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Agency,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Tufts Medical Center Issue)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/32</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,028,425</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Massachusetts Health and Educational</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Facilities Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Suffolk University Issue)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/30</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,752,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Massachusetts Housing Finance Agency,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Housing Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/38</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,575,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,934,321</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">41,403,604</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Michigan - 5.7%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Detroit,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Water Supply System Senior Lien</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/31</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,780,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,162,007</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Detroit,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Water Supply System Senior Lien</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/36</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,290,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,573,335</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Kent Hospital Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Metropolitan Hospital</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,005,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">HR (Trinity Health Credit Group)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,869,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Local Government Loan Program</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Detroit Water and Sewerage</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Department Sewage Disposal System</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue Second Lien Local Project</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/34</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,285,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Local Government Loan Program</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Detroit Water and Sewerage</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Department, Water Supply System</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue Senior Lien Local Project</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds) (Insured; National Public</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Finance Guarantee Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/36</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,123,780</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Michigan Strategic Fund,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">SWDR (Genesee Power Station Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,295,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,281,391</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><I><FONT size=2 face=Arial,Italic,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="11%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD>

   <TD width="4%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 142.0%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Michigan - 5.7% (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Royal Oak Hospital Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">HR (William Beaumont Hospital</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Obligated Group) (Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,907,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">24,207,243</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Missouri - .6%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Missouri Health and Educational Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Living Facilities Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Lutheran Senior Services Projects)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2/1/46</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,200,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">2,417,426</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">New Jersey - 4.2%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Essex County Improvement Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">SWDR (Covanta Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,017,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New Jersey Economic Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">School Facilities Construction Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>12/15/29</FONT></TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,458,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New Jersey Economic Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">School Facilities Construction Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/15/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,250,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,556,383</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New Jersey Economic Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Water Facilities Revenue (New Jersey -</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">American Water Company, Inc. Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.70</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/39</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,403,740</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Financing Corporation</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">of New Jersey,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/23</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">915,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">928,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Financing Corporation</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">of New Jersey,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4.63</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/26</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,600,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,600,688</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Financing Corporation</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">of New Jersey,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/41</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">863,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">17,828,971</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">New Mexico - 1.3%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Farmington,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">PCR (Public Service Company of New</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Mexico San Juan Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.90</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">5,521,300</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">New York - 15.9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Barclays Capital Municipal Trust Receipts</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 11 B),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(New York City Transitional Finance</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Future Tax Secured</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue) Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5/1/30</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,488,203</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,027,901</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Barclays Capital Municipal Trust Receipts</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 7 B),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(New York City Transitional Finance</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Future Tax Secured</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Subordinate Revenue) Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/27</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,043,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">JPMorgan Chase Putters/Drivers Trust</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 3857),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(New York City Transitional Finance</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Future Tax Secured</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Subordinate Revenue) Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,971,750</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="42%"></TD>

   <TD width="11%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD>

   <TD width="4%"></TD>

   <TD width="13%"></TD></TR>

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   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 142.0%</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.96pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">New York - 15.9% (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Long Island Power Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Electric System General Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Prerefunded)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,497,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Transportation Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Transportation Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.25 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>11/15/23</FONT></TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9,425,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,845,442</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New York City Educational Construction</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Fund,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4/1/28</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,785,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,470,583</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New York City Industrial Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Agency,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Facility Revenue (American</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Airlines, Inc. John F. Kennedy</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">International Airport Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/1/31</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,189,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New York Liberty Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (3 World Trade Center</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>11/15/44</FONT></TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,867,510</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Niagara Area Development Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Solid Waste Disposal Facility Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Covanta Energy Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/42</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,030,060</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Port Authority of New York and New</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Jersey,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Project Bonds (JFK</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">International Air Terminal LLC Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/36</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,710,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,572,165</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">RIB Floater Trust (Barclays Bank PLC)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 16 U),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(New York City Municipal Water</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Finance Authority, Water and Sewer</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">System Second General Resolution</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue) Recourse</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/15/44</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12,600,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">14,502,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">68,019,411</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">North Carolina - 2.6%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Barclays Capital Municipal Trust Receipts</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 31 W),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(North Carolina Medical Care</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Commission, Health Care Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Duke University Health</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">System)) Recourse</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/42</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">10,990,200</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Ohio - 7.0%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Buckeye Tobacco Settlement Financing</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.88</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/30</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,833,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Buckeye Tobacco Settlement Financing</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/47</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11,285,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,932,231</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Butler County,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hospital Facilities Revenue (UC Health)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,510,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Ohio Air Quality Development Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Air Quality Revenue (Ohio Valley</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Electric Corporation Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.63</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,200,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,708,368</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><I><FONT size=2 face=Arial,Italic,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="10%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD>

   <TD width="4%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 142.0%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Ohio - 7.0% (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Port of Greater Cincinnati Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tax Increment Development Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Fairfax Village Red Bank Infrastructure</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.63</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2/1/36</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,530,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,545,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Southeastern Ohio Port Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hospital Facilities Improvement</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Memorial Health System</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Obligated Group Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/42</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,229,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Southeastern Ohio Port Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hospital Facilities Improvement</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Memorial Health System</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Obligated Group Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/43</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,037,990</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Toledo-Lucas County Port Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Assessment Revenue (Crocker</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Park Public Improvement Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.38</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,003,360</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">29,800,929</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Oregon - .4%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Warm Springs Reservation Confederated</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tribes,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hydroelectric Revenue (Pelton Round</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Butte Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.38</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/33</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">1,639,740</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Pennsylvania - 2.1%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">JPMorgan Chase Putters/Drivers Trust</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 3916),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Geisinger Authority, Health System</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Geisinger Health System))</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.13</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,326,160</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Philadelphia,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">GO</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/1/41</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,700,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,591,308</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">8,917,468</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Rhode Island - 1.3%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Rhode Island Health and Educational</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Building Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hospital Financing Revenue (Lifespan</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Obligated Group Issue) (Insured;</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Assured Guaranty Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5/15/39</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">5,790,500</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">South Carolina - 2.7%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">JPMorgan Chase Putters/Drivers Trust</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 4379),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(South Carolina Public Service</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority, Revenue Obligations (Santee</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Cooper)) Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.13</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6/1/37</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,200,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">11,630,550</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Tennessee - 2.3%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">JPMorgan Chase Putters/Drivers Trust</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 4416),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Metropolitan Government of Nashville</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">and Davidson County, Water and Sewer</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue) Non-recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,415,770</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Government of Nashville and</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Davidson County Health and</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Educational Facilities Board,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (The Vanderbilt University)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/29</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,881,000</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="42%"></TD>

   <TD width="11%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD>

   <TD width="4%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 142.0%</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.96pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Tennessee - 2.3% (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Metropolitan Government of Nashville and</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Davidson County Health and</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Educational Facilities Board,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (The Vanderbilt University)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10/1/34</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,432,990</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">9,729,760</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Texas - 19.6%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Barclays Capital Municipal Trust Receipts</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 28 W),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Leander Independent School District,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Unlimited Tax School Building Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Permanent School Fund Guarantee</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Program)) Recourse</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/15/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9,997,299</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11,233,649</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Barclays Capital Municipal Trust Receipts</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 39 W),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Texas A&amp;M University System Board of</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Regents, Financing System Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Recourse</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5/15/39</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">13,160,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">14,971,606</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Board of Managers, Joint Guadalupe</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">County,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Hospital Mortgage Improvement</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (City of Seguin Hospital)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,047,920</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Central Texas Regional Mobility Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Lien Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,694,430</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Clifton Higher Education Finance</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Revenue (International</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Leadership of Texas)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/15/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,595,975</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Clifton Higher Education Finance</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Education Revenue (Uplift Education)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4.50</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/44</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,544,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Harris County Health Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Development Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">HR (Memorial Hermann Healthcare</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">System) (Prerefunded)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,290,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,588,568</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Harris County-Houston Sports Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Senior Lien Revenue (Insured; Assured</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">0.00 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>11/15/51</FONT></TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,455,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Houston,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Combined Utility System First Lien</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.00 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>11/15/36</FONT></TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,821,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">JPMorgan Chase Putters/Drivers Trust</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 4356),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(San Antonio, Electric and Gas Systems</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Junior Lien Revenue) Non-recourse</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">12,450,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">13,937,899</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Love Field Airport Modernization</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Special Facilities Revenue (Southwest</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Airlines Company - Love Field</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Modernization Program Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">11/1/28</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,119,440</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">New Hope Cultural Education Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Finance Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Student Housing Revenue (National</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Campus and Community Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Corporation - College Station Properties</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">LLC - Texas A&amp;M University Project)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.52pt" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">546,855</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><I><FONT size=2 face=Arial,Italic,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) (continued)</FONT></I></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="11%"></TD>

   <TD width="11%"></TD>

   <TD width="18%"></TD>

   <TD width="4%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 142.0%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Texas - 19.6% (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">North Texas Tollway Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">First Tier System Revenue (Insured;</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Assured Guaranty Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,575,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,706,119</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">North Texas Tollway Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">First Tier System Revenue (Insured;</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Assured Guaranty Corp.) (Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">9,500,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,377,705</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">North Texas Tollway Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Second Tier System Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,650,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,894,834</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Tarrant County Cultural Education</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Facilities Finance Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Retirement Facility Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Buckingham Senior Living Community,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Inc. Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50 </FONT></TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face=Cambria>11/15/45</FONT></TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,132,810</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Texas Department of Housing and</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Community Affairs,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Home Mortgage Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Collateralized: FHLMC, FNMA and</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">GNMA)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">13.04</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/2/24</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">150,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">f</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">158,175</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">83,827,035</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Virginia - 3.7%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Chesterfield County Economic</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Development Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Retirement Facilities First Mortgage</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Brandermill Woods Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.13</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/43</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">700,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">729,043</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Henrico County Industrial Development</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Revenue (Bon Secours Health System,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Inc.) (Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Municipal Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10.80</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/23/27</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6,350,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">f</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,398,637</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Virginia College Building Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Educational Facilities Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Marymount University Project)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,110,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,164,016</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Virginia College Building Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Educational Facilities Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Marymount University Project) (Green</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Bonds)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1,025,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Washington County Industrial</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Development Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">HR (Mountain States Health Alliance)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7.75</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/38</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,000,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,418,710</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">15,736,006</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Washington - 3.1%</FONT></B>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Barclays Capital Municipal Trust Receipts</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Series 27 B),</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(King County, Sewer Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">1/1/29</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8,577,246</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">b,c</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">10,056,352</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Washington Health Care Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Mortgage Revenue (Highline Medical</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Center) (Collateralized; FHA)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" bgColor=#d9d9d9 width="42%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">6.25</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">8/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,975,000</FONT></TD>

   <TD bgColor=#d9d9d9 width="4%" align=left><SUP><FONT size=1 face="Cambria,Times New Roman,Times,serif">d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3,370,854</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="42%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="13%" align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">13,427,206</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="WIDTH: 313px"></TD>

   <TD style="WIDTH: 77px"></TD>

   <TD style="WIDTH: 83px"></TD>

   <TD style="WIDTH: 122px"></TD>

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   <TD style="WIDTH: 114px"></TD>

   <TD style="WIDTH: 23px"></TD></TR>

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   <TD style="WIDTH: 313px" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Long-Term Municipal Investments - 142.0%</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Coupon</FONT>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Maturity</FONT>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Principal</FONT></TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 313px" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 77px" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 83px" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 122px" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Amount ($)</FONT></TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 114px" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Value ($)</FONT></TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 313px" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">West Virginia - 1.4%</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 313px" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">The County Commission of Harrison</FONT>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 10.8pt; WIDTH: 313px" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">County,</FONT>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt; WIDTH: 313px" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">SWDR (Allegheny Energy Supply</FONT>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt; WIDTH: 313px" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Company, LLC Harrison Station Project)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.50</FONT></TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=right><FONT size=1 face=Cambria>&nbsp;10/15/37</FONT>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5,670,000</FONT></TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">5,916,361</FONT></B></TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 313px" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Wisconsin - 1.1%</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

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   <TD style="WIDTH: 313px" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Public Finance Authority of Wisconsin,</FONT>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt; WIDTH: 313px" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Lease Development Revenue (KU</FONT>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt; WIDTH: 313px" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Campus Development Corporation -</FONT>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt; WIDTH: 313px" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Central District Development Project)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">3/1/46</FONT>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">4,000,000</FONT></TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">4,535,320</FONT></B></TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 313px" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">U.S. Related - .6%</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 313px" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Puerto Rico Commonwealth,</FONT>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt; WIDTH: 313px" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Public Improvement GO (Insured;</FONT>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt; WIDTH: 313px" bgColor=#d9d9d9 align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Assured Guaranty Municipal Corp.)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">5.00</FONT>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">7/1/35</FONT>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">2,500,000</FONT></TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=right><B><FONT size=1 face="Cambria,Bold,Times New Roman,Times,serif">2,577,175</FONT></B></TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 313px" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Total Investments </FONT></B><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(cost $542,253,169)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">142.0</FONT></B></TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">%</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">606,095,368</FONT></B></TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 313px" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Liabilities, Less Cash and Receivables</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(20.2</FONT></B></TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">%)</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(86,386,947</FONT></B></TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD style="WIDTH: 765px" bgColor=#d9d9d9 colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 313px" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Preferred Stock, at redemption value</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(21.8</FONT></B></TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">%)</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(93,000,000</FONT></B></TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 313px" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Net Assets Applicable to Common</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt; WIDTH: 313px" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Shareholders</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 77px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 83px" bgColor=#d9d9d9 align=left>&nbsp;</TD>

   <TD style="WIDTH: 122px" bgColor=#d9d9d9 align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">100.0</FONT></B></TD>

   <TD style="WIDTH: 21px" bgColor=#d9d9d9 align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">%</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 114px" bgColor=#d9d9d9 align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">426,708,421</FONT></B></TD>

   <TD style="WIDTH: 23px" bgColor=#d9d9d9 align=left>&nbsp;</TD></TR></TABLE></DIV>

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<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">a Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">b Collateral for floating rate borrowings.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.799pt" align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, these securities amounted</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.799pt" align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">to $239,611,530 or 56.2% of net assets applicable to Common Shareholders.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">the bonds in full at the earliest refunding date.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">e Security issued with a zero coupon. Income is recognized through the accretion of discount.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">f Inverse floater security&#8212;the interest rate is subject to change periodically. Rate shown is the interest rate in effect at February 29,</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.8pt" align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">2016.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS</FONT><BR><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>Dreyfus Strategic Municipal Bond Fund, Inc.</FONT><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>February 29, 2016 (Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">The following is a summary of the inputs used as of February 29, 2016 in valuing the fund&#8217;s investments:</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="24%"></TD>

   <TD width="22%"></TD>

   <TD width="17%"></TD>

   <TD width="3%"></TD>

   <TD width="16%"></TD>

   <TD width="14%"></TD>

   <TD width="3%"></TD></TR>

<TR vAlign=bottom>

   <TD width="24%" align=left>&nbsp;</TD>

   <TD width="22%" align=left>&nbsp;</TD>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="16%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Level 3 -</FONT>&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="24%" align=left>&nbsp;</TD>

   <TD width="22%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Level 1 -</FONT>&nbsp;</TD>

   <TD width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Level 2 - Other</FONT></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="16%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Significant</FONT>&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="24%" align=left>&nbsp;</TD>

   <TD width="22%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Unadjusted Quoted</FONT>&nbsp;</TD>

   <TD width="17%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Significant</FONT></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="16%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Unobservable</FONT>&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="24%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Prices</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT size=1 face=Cambria>&nbsp;Observable Inputs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Inputs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face="Cambria,Times New Roman,Times,serif">Total</FONT></TD>

   <TD width="3%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="24%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Assets ($)</FONT></B>&nbsp;</TD>

   <TD width="22%" align=left>&nbsp;</TD>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="24%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Investments in Securities:</FONT>&nbsp;</TD>

   <TD width="22%" align=left>&nbsp;</TD>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="24%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Municipal Bonds</FONT><SUP><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">&#8224;</FONT></SUP>&nbsp;</TD>

   <TD width="22%" align=center><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">-</FONT>&nbsp;</TD>

   <TD width="17%" align=right><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">606,095,368</FONT></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">-</FONT>&nbsp;</TD>

   <TD width="14%" align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">606,095,368</FONT></B></TD>

   <TD width="3%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="24%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">Liabilities ($)</FONT></B>&nbsp;</TD>

   <TD width="22%" align=center>&nbsp;</TD>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="16%" align=center>&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="24%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">Floating Rate Notes</FONT><SUP><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">&#8224;&#8224;</FONT></SUP>&nbsp;</TD>

   <TD width="22%" align=center><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">-</FONT>&nbsp;</TD>

   <TD width="17%" align=right><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">(93,368,507</FONT></TD>

   <TD width="3%" align=left><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">)</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT color=#141414 size=1 face="Cambria,Times New Roman,Times,serif">-</FONT>&nbsp;</TD>

   <TD width="14%" align=right><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">(93,368,507</FONT></B></TD>

   <TD width="3%" align=left><B><FONT color=#141414 size=1 face="Cambria,Bold,Times New Roman,Times,serif">)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="97%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face="Agency FB,Arial,Helvetica,sans-serif">&#8224;</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">See Statement of Investments for additional detailed categorizations.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><SUP><FONT size=1 face="Agency FB,Arial,Helvetica,sans-serif">&#8224;&#8224;</FONT></SUP></I>&nbsp;</TD>

   <TD align=left><I><FONT size=1 face="Garamond,Italic,Times New Roman,Times,serif">Certain of the fund&#8217;s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>NOTES</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">The Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) is the exclusive reference of authoritative U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (&#8220;SEC&#8221;) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund&#8217;s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">Various inputs are used in determining the value of the fund&#8217;s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below: </FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Garamond,Bold,Times New Roman,Times,serif">Level 1</FONT></B><FONT size=2 face="Garamond,Times New Roman,Times,serif">&#8212;unadjusted quoted prices in active markets for identical investments.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Garamond,Bold,Times New Roman,Times,serif">Level 2</FONT></B><FONT size=2 face="Garamond,Times New Roman,Times,serif">&#8212;other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Garamond,Bold,Times New Roman,Times,serif">Level 3</FONT></B><FONT size=2 face="Garamond,Times New Roman,Times,serif">&#8212;significant unobservable inputs (including the fund&#8217;s own assumptions in determining the fair value of investments).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund&#8217;s investments are as follows: Investments in securities are valued each business day by an independent pricing service (the &#8220;Service&#8221;) approved by the fund's Board Members (the "Board") Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>NOTES</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">The Service&#8217;s procedures are reviewed by Dreyfus under the general supervision of the Board.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Garamond,Bold,Times New Roman,Times,serif">Inverse Floater Securities: </FONT></B><FONT size=2 face="Garamond,Times New Roman,Times,serif">The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the &#8220;Trust&#8221;). The Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (&#8220;Trust Certificates&#8221;). A residual interest tax-exempt security is also created by the Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Trust, after payment of interest on the other securities and various expenses of the Trust. An inverse floater security may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">The fund accounts for the transfer of bonds to the Trust as secured borrowings, with the securities transferred remaining in the fund&#8217;s investments, and the related floating rate certificate securities reflected as fund liabilities in the Statement of Assets and Liabilities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the &#8220;Liquidity Provider&#8221;) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>NOTES</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Trust (&#8220;Liquidation Shortfall&#8221;). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">At February 29, 2016, accumulated net unrealized appreciation on investments was $63,842,199, consisting of $63,929,269 gross unrealized appreciation and $87,070 gross unrealized depreciation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">At February 29, 2016, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Garamond,Times New Roman,Times,serif">Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.</FONT></P></DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item
2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Controls and Procedures.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Registrant's principal executive and principal financial officers have
concluded, based on their evaluation of the Registrant's disclosure controls
and procedures as of a date within 90 days of the filing date of this report,
that the Registrant's disclosure controls and procedures are reasonably
designed to ensure that information required to be disclosed by the Registrant
on Form N-Q is recorded, processed, summarized and reported within the required
time periods and that information required to be disclosed by the Registrant in
the reports that it files or submits on Form N-Q is accumulated and
communicated to the Registrant's management, including its principal executive
and principal financial officers, as appropriate to allow timely decisions
regarding required disclosure.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; There
were no changes to the Registrant's internal control over financial reporting
that occurred during the Registrant's most recently ended fiscal quarter that
have materially affected, or are reasonably likely to materially affect, the
Registrant's internal control over financial reporting.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exhibits.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certifications of principal executive and
principal financial officers as required by Rule 30a-2(a) under the Investment
Company Act of 1940.</font></p>





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<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">FORM N-Q</font></b></p>

<p style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SIGNATURES<br>
<br>
</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Dreyfus Strategic
Municipal Bond Fund, Inc.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/ Bradley J.
Skapyak</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Bradley J.
Skapyak</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Date:&#160;&#160;&#160; April 25, 2016</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this Report has been signed below by the following persons
on behalf of the Registrant and in the capacities and on the dates indicated.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/ Bradley J.
Skapyak</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Bradley J.
Skapyak</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Date:&#160;&#160;&#160; April 25, 2016</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/ James
Windels</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; James Windels</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Treasurer</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Date:&#160;&#160;&#160; April 25, 2016</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">EXHIBIT INDEX</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certifications of principal executive and principal
financial officers as required by Rule 30a-2(a) under the Investment Company
Act of 1940.&#160; (EX-99.CERT)</font></p>




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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION
302 CERTIFICATION</font></b></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">I, Bradley
J. Skapyak, certify that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1.&#160; I have reviewed this report
on Form N-Q of Dreyfus Strategic Municipal Bond Fund, Inc.;</font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">2.&#160;
Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">3.&#160;
Based on my knowledge, the schedule of investments included in this report
fairly present in all material respects the investments of the registrant as of
the end of the fiscal quarter for which the report is filed;</font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">4.&#160; The
registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(a)
Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(b)
Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(c)
Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(d)
Disclosed in this report any change in the registrant's internal control over
financial reporting that occurred during the registrant's most recent fiscal
quarter that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting; </font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">5.&#160; The
registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):</font></p>

<p style="margin-left:.25in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(a)
All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize, and
report financial information; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(b)
Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial
reporting.</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; By:&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/
Bradley J. Skapyak</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Bradley J. Skapyak</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Date:&#160;&#160;&#160; April
25, 2016</font></p>


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<p align=center style="margin-left:0in;margin-right:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:11.0pt;">SECTION 302
CERTIFICATION</font></b></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">I,
James Windels, certify that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1.&#160; I have reviewed this report
on Form N-Q of Dreyfus Strategic Municipal Bond Fund, Inc.;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">2.&#160; Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">3.&#160;
Based on my knowledge, the schedule of investments included in this report
fairly present in all material respects the investments of the registrant as of
the end of the fiscal quarter for which the report is filed;</font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">4.&#160; The
registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(a)
Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(b)
Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(c)
Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and</font></p>

<p style="margin-left:12.0pt;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(d)
Disclosed in this report any change in the registrant's internal control over
financial reporting that occurred during the registrant's most recent fiscal
quarter that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; </font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">5.&#160; The
registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of directors
(or persons performing the equivalent functions):</font></p>

<p style="margin-left:.25in;margin-right:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(a)
All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize, and
report financial information; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">(b)
Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial
reporting.</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; By:&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/
James Windels</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; James
Windels</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Treasurer</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Date:&#160;&#160;&#160; April
25, 2016</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>




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