<SEC-DOCUMENT>0000869392-21-001897.txt : 20210924
<SEC-HEADER>0000869392-21-001897.hdr.sgml : 20210924
<ACCEPTANCE-DATETIME>20210924113419
ACCESSION NUMBER:		0000869392-21-001897
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210731
FILED AS OF DATE:		20210924
PERIOD START:           	20220430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		IRS NUMBER:				043187549
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		211275507

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MATAGORDA COUNTY NAVIGATION DISTRICT NO 1</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>576528CY7</cusip>
                <identifiers>
                    <isin value="US576528CY75"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1846275.3</valUSD>
                <pctVal>0.381187052666</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2030-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4.4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>13053CAB8</cusip>
                <identifiers>
                    <isin value="US13053CAB81"/>
                </identifiers>
                <balance>3500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3511014.5</valUSD>
                <pctVal>0.724893665166</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.1</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>708686DS6</cusip>
                <identifiers>
                    <isin value="US708686DS61"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1053675.2</valUSD>
                <pctVal>0.217544666256</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2032-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY</name>
                <lei>5493006JS6QWDVU4R678</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>645918J61</cusip>
                <identifiers>
                    <isin value="US645918J614"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>516177.85</valUSD>
                <pctVal>0.106571491962</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2026-06-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>70917R5L5</cusip>
                <identifiers>
                    <isin value="US70917R5L54"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>512618.2</valUSD>
                <pctVal>0.105836556878</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.375</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74443CAB9</cusip>
                <identifiers>
                    <isin value="US74443CAB90"/>
                </identifiers>
                <balance>350000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>363411.09</valUSD>
                <pctVal>0.075030848489</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2028-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LOS ANGELES REGIONAL AIRPORTS IMPROVEMENT CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>544628JJ0</cusip>
                <identifiers>
                    <isin value="US544628JJ09"/>
                </identifiers>
                <balance>600000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>610235.34</valUSD>
                <pctVal>0.125990858832</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2027-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4.5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY</name>
                <lei>549300NSWW1HVXE93T03</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>59465MF91</cusip>
                <identifiers>
                    <isin value="US59465MF918"/>
                </identifiers>
                <balance>1050000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1076566.68</valUSD>
                <pctVal>0.222270903883</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>3.95</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ABAG FINANCE AUTHORITY FOR NONPROFIT CORPS</name>
                <lei>549300EWVCCTI6O2KU84</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>00037CTJ9</cusip>
                <identifiers>
                    <isin value="US00037CTJ98"/>
                </identifiers>
                <balance>550000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>568425.99</valUSD>
                <pctVal>0.117358785977</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2032-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF SANTA FE NM</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>802170AJ9</cusip>
                <identifiers>
                    <isin value="US802170AJ93"/>
                </identifiers>
                <balance>1460000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1489230.37</valUSD>
                <pctVal>0.307470578998</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-05-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>414009FA3</cusip>
                <identifiers>
                    <isin value="US414009FA31"/>
                </identifiers>
                <balance>800000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>831116.24</valUSD>
                <pctVal>0.171594534113</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2033-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>414009FB1</cusip>
                <identifiers>
                    <isin value="US414009FB14"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1550741.7</valUSD>
                <pctVal>0.320170376579</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>155498CN6</cusip>
                <identifiers>
                    <isin value="US155498CN69"/>
                </identifiers>
                <balance>425000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>454609.07</valUSD>
                <pctVal>0.093859833097</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2033-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY</name>
                <lei>549300ISNGXS0VHGVD41</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>97712DBG0</cusip>
                <identifiers>
                    <isin value="US97712DBG07"/>
                </identifiers>
                <balance>430000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>472417.14</valUSD>
                <pctVal>0.097536535979</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2033-08-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY</name>
                <lei>EMBXY64GWKA9MZGFUD26</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>837151JH3</cusip>
                <identifiers>
                    <isin value="US837151JH38"/>
                </identifiers>
                <balance>1025000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1141514.52</valUSD>
                <pctVal>0.235680212726</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2053-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TOBACCO SETTLEMENT AUTHORITY OF WASHINGTON</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>88880MBD2</cusip>
                <identifiers>
                    <isin value="US88880MBD20"/>
                </identifiers>
                <balance>1310000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1312987.46</valUSD>
                <pctVal>0.27108298533</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2032-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHICAGO O'HARE INTERNATIONAL AIRPORT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>167593NR9</cusip>
                <identifiers>
                    <isin value="US167593NR95"/>
                </identifiers>
                <balance>2125000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2266320.36</valUSD>
                <pctVal>0.467910705638</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2027-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHICAGO O'HARE INTERNATIONAL AIRPORT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>167593NS7</cusip>
                <identifiers>
                    <isin value="US167593NS78"/>
                </identifiers>
                <balance>1320000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1407397.33</valUSD>
                <pctVal>0.29057510554</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2028-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY</name>
                <lei>5493007K5OP7V6CL0Y88</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>57563RLR8</cusip>
                <identifiers>
                    <isin value="US57563RLR83"/>
                </identifiers>
                <balance>800000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>914871.76</valUSD>
                <pctVal>0.188886928056</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2027-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CALIFORNIA MUNICIPAL FINANCE AUTHORITY</name>
                <lei>5493000UQOV6R4ZWS346</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>13049SBC7</cusip>
                <identifiers>
                    <isin value="US13049SBC70"/>
                </identifiers>
                <balance>400000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>440128.08</valUSD>
                <pctVal>0.090870048259</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-08-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF CHICAGO IL MOTOR FUEL TAX REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>16756KEK9</cusip>
                <identifiers>
                    <isin value="US16756KEK97"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>527999.45</valUSD>
                <pctVal>0.10901221186</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2029-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ORANGE COUNTY HEALTH FACILITIES AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>68450LCY9</cusip>
                <identifiers>
                    <isin value="US68450LCY92"/>
                </identifiers>
                <balance>1350000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1513680.21</valUSD>
                <pctVal>0.312518559897</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-08-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LOUISVILLE REGIONAL AIRPORT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>546850CZ9</cusip>
                <identifiers>
                    <isin value="US546850CZ91"/>
                </identifiers>
                <balance>385000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>433674.93</valUSD>
                <pctVal>0.089537713245</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2031-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LOUISVILLE REGIONAL AIRPORT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>546850DA3</cusip>
                <identifiers>
                    <isin value="US546850DA32"/>
                </identifiers>
                <balance>1030000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1159583.58</valUSD>
                <pctVal>0.239410800318</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2032-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY</name>
                <lei>EMBXY64GWKA9MZGFUD26</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>837151JS9</cusip>
                <identifiers>
                    <isin value="US837151JS92"/>
                </identifiers>
                <balance>4000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4528610</valUSD>
                <pctVal>0.934989217791</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2054-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHICAGO TRANSIT AUTHORITY</name>
                <lei>549300CB8XLRGIPN3E12</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>16772PBF2</cusip>
                <identifiers>
                    <isin value="US16772PBF27"/>
                </identifiers>
                <balance>3000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3468432.6</valUSD>
                <pctVal>0.716102089523</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2049-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SOUTHEAST OVERTOWN PARK WEST COMMUNITY REDEVELOPMENT AGENCY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>841466AK1</cusip>
                <identifiers>
                    <isin value="US841466AK18"/>
                </identifiers>
                <balance>360000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>396483.23</valUSD>
                <pctVal>0.081859013049</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2030-03-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MICHIGAN FINANCE AUTHORITY</name>
                <lei>54930022O46HOX5J1D14</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>59447PJ28</cusip>
                <identifiers>
                    <isin value="US59447PJ283"/>
                </identifiers>
                <balance>850000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>962215.81</valUSD>
                <pctVal>0.198661710224</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2033-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MICHIGAN FINANCE AUTHORITY</name>
                <lei>54930022O46HOX5J1D14</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>59447PF48</cusip>
                <identifiers>
                    <isin value="US59447PF489"/>
                </identifiers>
                <balance>100000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>113108.46</valUSD>
                <pctVal>0.023352682289</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF CHICAGO IL WASTEWATER TRANSMISSION REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>167727VJ2</cusip>
                <identifiers>
                    <isin value="US167727VJ29"/>
                </identifiers>
                <balance>1835000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2025923.86</valUSD>
                <pctVal>0.418277786157</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX/THE</name>
                <lei>549300A62PWFBDWB8332</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>71885FDH7</cusip>
                <identifiers>
                    <isin value="US71885FDH73"/>
                </identifiers>
                <balance>300000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>316720.8</valUSD>
                <pctVal>0.0653910434</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2024-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>3.75</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COUNTY OF WARREN OH</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>93515PBR7</cusip>
                <identifiers>
                    <isin value="US93515PBR73"/>
                </identifiers>
                <balance>250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>276426.83</valUSD>
                <pctVal>0.057071840048</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2032-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COUNTY OF WARREN OH</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>93515PBS5</cusip>
                <identifiers>
                    <isin value="US93515PBS56"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>552345.15</valUSD>
                <pctVal>0.114038691729</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2033-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY</name>
                <lei>EMBXY64GWKA9MZGFUD26</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>837151KL2</cusip>
                <identifiers>
                    <isin value="US837151KL21"/>
                </identifiers>
                <balance>1120000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1277780.34</valUSD>
                <pctVal>0.263814026954</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2046-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MICHIGAN FINANCE AUTHORITY</name>
                <lei>54930022O46HOX5J1D14</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>59447PL74</cusip>
                <identifiers>
                    <isin value="US59447PL743"/>
                </identifiers>
                <balance>1575000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1793024.89</valUSD>
                <pctVal>0.370192827243</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW YORK LIBERTY DEVELOPMENT CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>649519DA0</cusip>
                <identifiers>
                    <isin value="US649519DA03"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2220004.4</valUSD>
                <pctVal>0.458348185746</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-11-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</name>
                <lei>549300KTNI2GCJNX2U48</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>13080SDC5</cusip>
                <identifiers>
                    <isin value="US13080SDC52"/>
                </identifiers>
                <balance>450000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>489343.64</valUSD>
                <pctVal>0.101031227506</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64542UAF1</cusip>
                <identifiers>
                    <isin value="US64542UAF12"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>527755.15</valUSD>
                <pctVal>0.108961773013</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2043-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF TEXAS</name>
                <lei>549300X9CH74QB747L76</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>882723TC3</cusip>
                <identifiers>
                    <isin value="US882723TC36"/>
                </identifiers>
                <balance>9855000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>11360093.77346651</valUSD>
                <pctVal>2.345436059032</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
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                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COUNTY OF MIAMI-DADE FL AVIATION REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>59333PL22</cusip>
                <identifiers>
                    <isin value="US59333PL224"/>
                </identifiers>
                <balance>3790000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4304380.7</valUSD>
                <pctVal>0.88869422268</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2032-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>COUNTY OF MIAMI-DADE FL AVIATION REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>59333PL63</cusip>
                <identifiers>
                    <isin value="US59333PL638"/>
                </identifiers>
                <balance>5000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5663453.5</valUSD>
                <pctVal>1.169292113466</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MICHIGAN FINANCE AUTHORITY</name>
                <lei>54930022O46HOX5J1D14</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>59447P5V9</cusip>
                <identifiers>
                    <isin value="US59447P5V91"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1137413.6</valUSD>
                <pctVal>0.234833525556</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NORTHEAST OHIO REGIONAL SEWER DISTRICT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>663903FJ6</cusip>
                <identifiers>
                    <isin value="US663903FJ64"/>
                </identifiers>
                <balance>10000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>11584238.14625</valUSD>
                <pctVal>2.391713519838</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-11-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF DETROIT MI</name>
                <lei>549300BQRJP7MKKHOY28</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>251093Y20</cusip>
                <identifiers>
                    <isin value="US251093Y206"/>
                </identifiers>
                <balance>222425</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>222675.47</valUSD>
                <pctVal>0.045974187116</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2024-04-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF LAKELAND FL</name>
                <lei>XRPK4ZALF4437WO3JQ94</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>511665JP7</cusip>
                <identifiers>
                    <isin value="US511665JP79"/>
                </identifiers>
                <balance>1350000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1539629.64</valUSD>
                <pctVal>0.317876150252</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-11-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY</name>
                <lei>EMBXY64GWKA9MZGFUD26</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>837151MR7</cusip>
                <identifiers>
                    <isin value="US837151MR72"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2304852.6</valUSD>
                <pctVal>0.475866177392</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2055-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ILLINOIS FINANCE AUTHORITY</name>
                <lei>549300ZG6UBPNNNRN315</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>45203HV41</cusip>
                <identifiers>
                    <isin value="US45203HV412"/>
                </identifiers>
                <balance>1025000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1156849.13</valUSD>
                <pctVal>0.238846238285</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-05-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TOBACCO SETTLEMENT FINANCING CORP/RI</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>888809BG4</cusip>
                <identifiers>
                    <isin value="US888809BG44"/>
                </identifiers>
                <balance>2750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3074675.18</valUSD>
                <pctVal>0.634805854669</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SOUTHEASTERN OHIO PORT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>841895AW5</cusip>
                <identifiers>
                    <isin value="US841895AW56"/>
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                <balance>120000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>130937.8</valUSD>
                <pctVal>0.027033776634</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2043-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COLORADO HEALTH FACILITIES AUTHORITY</name>
                <lei>5493002JB6DRFRZPEQ21</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>19648AW27</cusip>
                <identifiers>
                    <isin value="US19648AW272"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1134048.9</valUSD>
                <pctVal>0.234138840383</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX/THE</name>
                <lei>549300A62PWFBDWB8332</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>71885FDN4</cusip>
                <identifiers>
                    <isin value="US71885FDN42"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1123939.8</valUSD>
                <pctVal>0.232051687923</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF OHIO</name>
                <lei>5493005LEB5E170OMX59</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>67759YAN7</cusip>
                <identifiers>
                    <isin value="US67759YAN76"/>
                </identifiers>
                <balance>1125000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1289557.35</valUSD>
                <pctVal>0.266245540679</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-12-31</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PORT OF SEATTLE WA</name>
                <lei>549300T9UCDUJ3GZL429</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>735389WQ7</cusip>
                <identifiers>
                    <isin value="US735389WQ71"/>
                </identifiers>
                <balance>875000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>982328.73</valUSD>
                <pctVal>0.202814278747</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2040-04-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LOVE FIELD AIRPORT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>54714CAT4</cusip>
                <identifiers>
                    <isin value="US54714CAT45"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1171895.6</valUSD>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</name>
                <lei>549300UZSVMFXJK08K70</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>57584XCF6</cusip>
                <identifiers>
                    <isin value="US57584XCF69"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1094736.6</valUSD>
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                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2033-04-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>PHILADELPHIA GAS WORKS CO</name>
                <lei>549300H8UJ7V5WU5IA90</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>7178237Q5</cusip>
                <identifiers>
                    <isin value="US7178237Q59"/>
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                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1173010.5</valUSD>
                <pctVal>0.242182958978</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2032-08-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA</name>
                <lei>JA0WNILDDF2KUPS83B16</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>626207H31</cusip>
                <identifiers>
                    <isin value="US626207H312"/>
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                <balance>3500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4088442.05</valUSD>
                <pctVal>0.844110937863</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2060-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.5</annualizedRt>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY</name>
                <lei>5493006JS6QWDVU4R678</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64577BJW5</cusip>
                <identifiers>
                    <isin value="US64577BJW54"/>
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                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1767450.9</valUSD>
                <pctVal>0.364912751258</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2032-06-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.25</annualizedRt>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>CITY OF CHICAGO IL WASTEWATER TRANSMISSION REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>167727WV4</cusip>
                <identifiers>
                    <isin value="US167727WV48"/>
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                <balance>900000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1028902.95</valUSD>
                <pctVal>0.212430119706</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>COLORADO HEALTH FACILITIES AUTHORITY</name>
                <lei>5493002JB6DRFRZPEQ21</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>19648A5F8</cusip>
                <identifiers>
                    <isin value="US19648A5F87"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1147407.9</valUSD>
                <pctVal>0.236896976094</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-05-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MICHIGAN FINANCE AUTHORITY</name>
                <lei>54930022O46HOX5J1D14</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>59447TGA5</cusip>
                <identifiers>
                    <isin value="US59447TGA51"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1166838.6</valUSD>
                <pctVal>0.240908691608</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MICHIGAN FINANCE AUTHORITY</name>
                <lei>54930022O46HOX5J1D14</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>59447TFG3</cusip>
                <identifiers>
                    <isin value="US59447TFG31"/>
                </identifiers>
                <balance>1100000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1283058.26</valUSD>
                <pctVal>0.264903720766</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>MICHIGAN FINANCE AUTHORITY</name>
                <lei>54930022O46HOX5J1D14</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>59447TFF5</cusip>
                <identifiers>
                    <isin value="US59447TFF57"/>
                </identifiers>
                <balance>1900000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2216993.34</valUSD>
                <pctVal>0.457726514055</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PARK CREEK METROPOLITAN DISTRICT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>700387DM2</cusip>
                <identifiers>
                    <isin value="US700387DM25"/>
                </identifiers>
                <balance>200000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>229628.6</valUSD>
                <pctVal>0.04740974937</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2045-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY</name>
                <lei>EMBXY64GWKA9MZGFUD26</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>837151PS2</cusip>
                <identifiers>
                    <isin value="US837151PS29"/>
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                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2392278.6</valUSD>
                <pctVal>0.493916388683</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF ILLINOIS</name>
                <lei>54930048FV8RWPR02D67</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>452152B91</cusip>
                <identifiers>
                    <isin value="US452152B916"/>
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                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>572511.15</valUSD>
                <pctVal>0.118202219294</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2041-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF ILLINOIS</name>
                <lei>54930048FV8RWPR02D67</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>452152B42</cusip>
                <identifiers>
                    <isin value="US452152B429"/>
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                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1153963.8</valUSD>
                <pctVal>0.238250525155</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
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                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>HALIFAX HOSPITAL MEDICAL CENTER</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>405815LG4</cusip>
                <identifiers>
                    <isin value="US405815LG47"/>
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                <balance>2250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2655764.55</valUSD>
                <pctVal>0.54831641922</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF BAYONNE NJ</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>072887W24</cusip>
                <identifiers>
                    <isin value="US072887W244"/>
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                <balance>1300000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1588398.11</valUSD>
                <pctVal>0.327945022073</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>56681NAN7</cusip>
                <identifiers>
                    <isin value="US56681NAN75"/>
                </identifiers>
                <balance>750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>835765.65</valUSD>
                <pctVal>0.17255446403</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP</name>
                <lei>549300ROY505NVTMMI25</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>87638RGZ4</cusip>
                <identifiers>
                    <isin value="US87638RGZ47"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2348720.8</valUSD>
                <pctVal>0.484923326054</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-11-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COUNTY OF SCIOTO OH</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>808878GX4</cusip>
                <identifiers>
                    <isin value="US808878GX42"/>
                </identifiers>
                <balance>745000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>878813.99</valUSD>
                <pctVal>0.181442342152</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2032-02-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COUNTY OF SCIOTO OH</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>808878GY2</cusip>
                <identifiers>
                    <isin value="US808878GY25"/>
                </identifiers>
                <balance>605000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>712125.66</valUSD>
                <pctVal>0.147027413227</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2033-02-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TEXAS PRIVATE ACTIVITY BOND SURFACE TRANSPORTATION CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>882667AL2</cusip>
                <identifiers>
                    <isin value="US882667AL26"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2263203.6</valUSD>
                <pctVal>0.467267210837</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-12-31</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW YORK TRANSPORTATION DEVELOPMENT CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>650116AQ9</cusip>
                <identifiers>
                    <isin value="US650116AQ94"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1126093.3</valUSD>
                <pctVal>0.232496305429</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2041-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HOSPITAL FACILITIES AUTHORITY OF MULTNOMAH COUNTY OREGON</name>
                <lei>549300GAP0JIG7V33754</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>62551PCW5</cusip>
                <identifiers>
                    <isin value="US62551PCW59"/>
                </identifiers>
                <balance>650000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>752695.97</valUSD>
                <pctVal>0.155403670492</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>56681NAS6</cusip>
                <identifiers>
                    <isin value="US56681NAS62"/>
                </identifiers>
                <balance>350000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>403747.51</valUSD>
                <pctVal>0.083358816184</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CUMBERLAND COUNTY MUNICIPAL AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>230614LC1</cusip>
                <identifiers>
                    <isin value="US230614LC12"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1159507.2</valUSD>
                <pctVal>0.239395030694</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2031-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CUMBERLAND COUNTY MUNICIPAL AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>230614LD9</cusip>
                <identifiers>
                    <isin value="US230614LD94"/>
                </identifiers>
                <balance>200000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>231249.62</valUSD>
                <pctVal>0.047744429597</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2032-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GREATER CHICAGO METROPOLITAN WATER RECLAMATION DISTRICT</name>
                <lei>254900GOGQEZEWCZ4D37</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>167560UE9</cusip>
                <identifiers>
                    <isin value="US167560UE90"/>
                </identifiers>
                <balance>1310000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1616945.58</valUSD>
                <pctVal>0.333839010879</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2030-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ARLINGTON HIGHER EDUCATION FINANCE CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>041806HJ2</cusip>
                <identifiers>
                    <isin value="US041806HJ28"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>591103.45</valUSD>
                <pctVal>0.122040836449</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SOUTH CAROLINA STATE PUBLIC SERVICE AUTHORITY</name>
                <lei>EMBXY64GWKA9MZGFUD26</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>837151RT8</cusip>
                <identifiers>
                    <isin value="US837151RT83"/>
                </identifiers>
                <balance>210000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>251585.31</valUSD>
                <pctVal>0.051942991824</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2056-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WESTMORELAND COUNTY MUNICIPAL AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>961017QN3</cusip>
                <identifiers>
                    <isin value="US961017QN33"/>
                </identifiers>
                <balance>450000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>533461.73</valUSD>
                <pctVal>0.110139969142</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2027-08-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MICHIGAN FINANCE AUTHORITY</name>
                <lei>54930022O46HOX5J1D14</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>59447TKZ5</cusip>
                <identifiers>
                    <isin value="US59447TKZ56"/>
                </identifiers>
                <balance>750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>926266.58</valUSD>
                <pctVal>0.191239533786</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2027-04-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY</name>
                <lei>5493006JS6QWDVU4R678</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64577BSH8</cusip>
                <identifiers>
                    <isin value="US64577BSH86"/>
                </identifiers>
                <balance>400000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>480402.36</valUSD>
                <pctVal>0.09918518636</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2029-07-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CLIFTON HIGHER EDUCATION FINANCE CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>187145GE1</cusip>
                <identifiers>
                    <isin value="US187145GE17"/>
                </identifiers>
                <balance>300000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>358801.05</valUSD>
                <pctVal>0.074079047011</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2028-08-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ILLINOIS FINANCE AUTHORITY</name>
                <lei>549300ZG6UBPNNNRN315</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>45204ELG1</cusip>
                <identifiers>
                    <isin value="US45204ELG16"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>567498.3</valUSD>
                <pctVal>0.11716725256</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-11-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COLORADO HEALTH FACILITIES AUTHORITY</name>
                <lei>5493002JB6DRFRZPEQ21</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>19648FAZ7</cusip>
                <identifiers>
                    <isin value="US19648FAZ71"/>
                </identifiers>
                <balance>550000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>597076.21</valUSD>
                <pctVal>0.123273988829</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>303826AQ4</cusip>
                <identifiers>
                    <isin value="US303826AQ42"/>
                </identifiers>
                <balance>425000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>479139.22</valUSD>
                <pctVal>0.098924395018</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>414009LD0</cusip>
                <identifiers>
                    <isin value="US414009LD06"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1124087</valUSD>
                <pctVal>0.232082079238</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF ILLINOIS</name>
                <lei>54930048FV8RWPR02D67</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>452152H20</cusip>
                <identifiers>
                    <isin value="US452152H202"/>
                </identifiers>
                <balance>1425000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1723426.92</valUSD>
                <pctVal>0.355823439831</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2029-02-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KENTWOOD ECONOMIC DEVELOPMENT CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>491740EV4</cusip>
                <identifiers>
                    <isin value="US491740EV47"/>
                </identifiers>
                <balance>1750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2011929.85</valUSD>
                <pctVal>0.415388544543</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-11-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF YAVAPAI/THE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>985900EC9</cusip>
                <identifiers>
                    <isin value="US985900EC96"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>593228.6</valUSD>
                <pctVal>0.122479600735</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-08-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SALEM HOSPITAL FACILITY AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>794458ED7</cusip>
                <identifiers>
                    <isin value="US794458ED71"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1782917.55</valUSD>
                <pctVal>0.368106038158</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2033-05-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTHORITY ACT</name>
                <lei>549300CNCK7OT82W5653</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>6446147E3</cusip>
                <identifiers>
                    <isin value="US6446147E39"/>
                </identifiers>
                <balance>2500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2965378.25</valUSD>
                <pctVal>0.612240111298</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY</name>
                <lei>549300YUVD5TEXR6L889</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>6461362E0</cusip>
                <identifiers>
                    <isin value="US6461362E02"/>
                </identifiers>
                <balance>1900000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2254346.96</valUSD>
                <pctVal>0.465438644697</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2030-06-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTHORITY ACT</name>
                <lei>549300CNCK7OT82W5653</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>6446148D4</cusip>
                <identifiers>
                    <isin value="US6446148D47"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>592794.55</valUSD>
                <pctVal>0.122389985584</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF ILLINOIS</name>
                <lei>54930048FV8RWPR02D67</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>452152N49</cusip>
                <identifiers>
                    <isin value="US452152N499"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1168004.2</valUSD>
                <pctVal>0.241149344575</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2041-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>13053CAD4</cusip>
                <identifiers>
                    <isin value="US13053CAD48"/>
                </identifiers>
                <balance>750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>861092.63</valUSD>
                <pctVal>0.177783541654</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2046-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4.75</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY</name>
                <lei>5493006JS6QWDVU4R678</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64577BE26</cusip>
                <identifiers>
                    <isin value="US64577BE265"/>
                </identifiers>
                <balance>4500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5489299.8</valUSD>
                <pctVal>1.133335863814</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2026-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74443UAZ6</cusip>
                <identifiers>
                    <isin value="US74443UAZ66"/>
                </identifiers>
                <balance>250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>277480.5</valUSD>
                <pctVal>0.05728938364</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-05-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GAINESVILLE  AND  HALL COUNTY DEVELOPMENT AUTHORITY</name>
                <lei>549300L0GMYXTK7H5359</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>36274PAB3</cusip>
                <identifiers>
                    <isin value="US36274PAB31"/>
                </identifiers>
                <balance>1100000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1126280.43</valUSD>
                <pctVal>0.232534940801</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-03-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ARLINGTON HIGHER EDUCATION FINANCE CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>041806MS6</cusip>
                <identifiers>
                    <isin value="US041806MS61"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>611318.2</valUSD>
                <pctVal>0.126214429072</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COUNTY OF JEFFERSON AL</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>472628RD0</cusip>
                <identifiers>
                    <isin value="US472628RD09"/>
                </identifiers>
                <balance>2075000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2544948.49</valUSD>
                <pctVal>0.52543703211</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-09-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COUNTY OF JEFFERSON AL</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>472628RC2</cusip>
                <identifiers>
                    <isin value="US472628RC26"/>
                </identifiers>
                <balance>275000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>337448.32</valUSD>
                <pctVal>0.069670503921</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2033-09-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW YORK STATE DORMITORY AUTHORITY</name>
                <lei>549300C8XO7EXTX2XU71</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64990AGQ2</cusip>
                <identifiers>
                    <isin value="US64990AGQ22"/>
                </identifiers>
                <balance>10845000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>13323006.950696357</valUSD>
                <pctVal>2.75070448713</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-03-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF CALIFORNIA</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>13063DCC0</cusip>
                <identifiers>
                    <isin value="US13063DCC02"/>
                </identifiers>
                <balance>10000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>11966643.235573122</valUSD>
                <pctVal>2.470665921424</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2033-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTHORITY ACT</name>
                <lei>549300CNCK7OT82W5653</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64461XBT1</cusip>
                <identifiers>
                    <isin value="US64461XBT19"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1172713.3</valUSD>
                <pctVal>0.242121598252</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74445FAH7</cusip>
                <identifiers>
                    <isin value="US74445FAH73"/>
                </identifiers>
                <balance>1100000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1284953.23</valUSD>
                <pctVal>0.26529496146</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>04052BCS1</cusip>
                <identifiers>
                    <isin value="US04052BCS16"/>
                </identifiers>
                <balance>510000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>591804.41</valUSD>
                <pctVal>0.122185558569</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AUSTIN-BERGSTROM LANDHOST ENTERPRISES INC</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>052193AV1</cusip>
                <identifiers>
                    <isin value="US052193AV19"/>
                </identifiers>
                <balance>1045000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1220880.5</valUSD>
                <pctVal>0.252066330223</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AUSTIN-BERGSTROM LANDHOST ENTERPRISES INC</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>052193AU3</cusip>
                <identifiers>
                    <isin value="US052193AU36"/>
                </identifiers>
                <balance>530000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>619996.76</valUSD>
                <pctVal>0.128006228327</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF ILLINOIS</name>
                <lei>54930048FV8RWPR02D67</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>452152P21</cusip>
                <identifiers>
                    <isin value="US452152P213"/>
                </identifiers>
                <balance>1850000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2275441.73</valUSD>
                <pctVal>0.469793928659</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2029-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UPTOWN DEVELOPMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>916856GR2</cusip>
                <identifiers>
                    <isin value="US916856GR21"/>
                </identifiers>
                <balance>300000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>343563.84</valUSD>
                <pctVal>0.070933130922</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-09-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF ILLINOIS</name>
                <lei>54930048FV8RWPR02D67</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>452152Q20</cusip>
                <identifiers>
                    <isin value="US452152Q203"/>
                </identifiers>
                <balance>2250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2784858.08</valUSD>
                <pctVal>0.574969422821</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2028-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF ILLINOIS</name>
                <lei>54930048FV8RWPR02D67</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>452152P96</cusip>
                <identifiers>
                    <isin value="US452152P965"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1243176.1</valUSD>
                <pctVal>0.256669540834</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2027-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COUNTY OF FRANKLIN OH</name>
                <lei>549300VCBUC1RZE7KL42</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>353187EC7</cusip>
                <identifiers>
                    <isin value="US353187EC75"/>
                </identifiers>
                <balance>2050000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2345539.69</valUSD>
                <pctVal>0.484266545375</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VIRGINIA SMALL BUSINESS FINANCING AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>928097AC8</cusip>
                <identifiers>
                    <isin value="US928097AC85"/>
                </identifiers>
                <balance>4250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5128006.65</valUSD>
                <pctVal>1.058742291015</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2052-12-31</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TEXAS MUNICIPAL POWER AGENCY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>882555ZB4</cusip>
                <identifiers>
                    <isin value="US882555ZB40"/>
                </identifiers>
                <balance>1400000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1400000</valUSD>
                <pctVal>0.289047832538</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-09-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHICAGO BOARD OF EDUCATION</name>
                <lei>54930099NR6T9V7LVB43</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>167505TJ5</cusip>
                <identifiers>
                    <isin value="US167505TJ54"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>610610.3</valUSD>
                <pctVal>0.1260682741</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>METROPOLITAN TRANSPORTATION AUTHORITY</name>
                <lei>5493000TKYODLXADQD60</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>59261AQH3</cusip>
                <identifiers>
                    <isin value="US59261AQH31"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1172897.4</valUSD>
                <pctVal>0.242159608042</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-11-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF ILLINOIS</name>
                <lei>54930048FV8RWPR02D67</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>452152S77</cusip>
                <identifiers>
                    <isin value="US452152S779"/>
                </identifiers>
                <balance>2500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3099975</valUSD>
                <pctVal>0.640029324765</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2028-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF ILLINOIS</name>
                <lei>54930048FV8RWPR02D67</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>452152T27</cusip>
                <identifiers>
                    <isin value="US452152T272"/>
                </identifiers>
                <balance>5750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>7049771.4</valUSD>
                <pctVal>1.455515102182</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2031-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ILLINOIS FINANCE AUTHORITY</name>
                <lei>549300ZG6UBPNNNRN315</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>45203KAN5</cusip>
                <identifiers>
                    <isin value="US45203KAN54"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1176540.2</valUSD>
                <pctVal>0.242911710502</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-02-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MICHIGAN FINANCE AUTHORITY</name>
                <lei>54930022O46HOX5J1D14</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>59447TQV8</cusip>
                <identifiers>
                    <isin value="US59447TQV88"/>
                </identifiers>
                <balance>8500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>9057255.558879249</valUSD>
                <pctVal>1.869985777166</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2047-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ILLINOIS FINANCE AUTHORITY</name>
                <lei>549300ZG6UBPNNNRN315</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>45203KAQ8</cusip>
                <identifiers>
                    <isin value="US45203KAQ85"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2322128</valUSD>
                <pctVal>0.479432903768</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-02-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF ATLANTA GA</name>
                <lei>549300GHLQ0J51NUBM84</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>047849HA5</cusip>
                <identifiers>
                    <isin value="US047849HA56"/>
                </identifiers>
                <balance>1625000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1718681.41</valUSD>
                <pctVal>0.354843668845</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2022-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>645424AQ5</cusip>
                <identifiers>
                    <isin value="US645424AQ59"/>
                </identifiers>
                <balance>600000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>693001.5</valUSD>
                <pctVal>0.1430789868</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-08-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY</name>
                <lei>5493006JS6QWDVU4R678</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64578CCE9</cusip>
                <identifiers>
                    <isin value="US64578CCE93"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2370323</valUSD>
                <pctVal>0.489383375403</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HARBOR POINT INFRASTRUCTURE IMPROVEMENT DISTRICT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>41154VAK5</cusip>
                <identifiers>
                    <isin value="US41154VAK52"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1165031.8</valUSD>
                <pctVal>0.240535654734</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-04-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>RAILSPLITTER TOBACCO SETTLEMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>75076PAW5</cusip>
                <identifiers>
                    <isin value="US75076PAW59"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1700857.35</valUSD>
                <pctVal>0.351163664624</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2024-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PORT AUTHORITY OF NEW YORK  AND  NEW JERSEY</name>
                <lei>54930006MR4KZ4W74Z83</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>73358WS47</cusip>
                <identifiers>
                    <isin value="US73358WS471"/>
                </identifiers>
                <balance>3150000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3932717.04</valUSD>
                <pctVal>0.811959525997</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2031-09-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF ILLINOIS</name>
                <lei>54930048FV8RWPR02D67</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>452152Y39</cusip>
                <identifiers>
                    <isin value="US452152Y397"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1828072.5</valUSD>
                <pctVal>0.377428852748</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GREENEVILLE HEALTH  AND  EDUCATIONAL FACILITIES BOARD</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>396649EW1</cusip>
                <identifiers>
                    <isin value="US396649EW15"/>
                </identifiers>
                <balance>5000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5796430</valUSD>
                <pctVal>1.196746805683</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KENTUCKY STATE PROPERTY  AND  BUILDING COMMISSION</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>49151FZH6</cusip>
                <identifiers>
                    <isin value="US49151FZH62"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1235610</valUSD>
                <pctVal>0.255107423116</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COMMONWEALTH OF MASSACHUSETTS TRANSPORTATION FUND REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>57604THG4</cusip>
                <identifiers>
                    <isin value="US57604THG40"/>
                </identifiers>
                <balance>7000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>8822713.814492539</valUSD>
                <pctVal>1.821561646556</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2048-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY</name>
                <lei>549300KI3FXFLUKF3A98</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>18610PAW8</cusip>
                <identifiers>
                    <isin value="US18610PAW86"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>603567.8</valUSD>
                <pctVal>0.124614260271</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2053-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HAMMOND MULTI-SCHOOL BUILDING CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>408395SD4</cusip>
                <identifiers>
                    <isin value="US408395SD45"/>
                </identifiers>
                <balance>1750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2150214.85</valUSD>
                <pctVal>0.443939244202</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-07-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY</name>
                <lei>549300ISNGXS0VHGVD41</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>97712DM86</cusip>
                <identifiers>
                    <isin value="US97712DM862"/>
                </identifiers>
                <balance>3000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3555864.9</valUSD>
                <pctVal>0.73415360153</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-08-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GOLDEN STATE TOBACCO SECURITIZATION CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>38122NZW5</cusip>
                <identifiers>
                    <isin value="US38122NZW54"/>
                </identifiers>
                <balance>2500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2581351.25</valUSD>
                <pctVal>0.532952845593</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2047-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF NORTH LAS VEGAS NV</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>660393R76</cusip>
                <identifiers>
                    <isin value="US660393R761"/>
                </identifiers>
                <balance>3600000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4266396.72</valUSD>
                <pctVal>0.880851946187</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF GAITHERSBURG MD</name>
                <lei>549300UFHDHDCHDE0F65</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>363128CU1</cusip>
                <identifiers>
                    <isin value="US363128CU19"/>
                </identifiers>
                <balance>450000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>504516.65</valUSD>
                <pctVal>0.104163888687</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
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                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY</name>
                <lei>549300YUVD5TEXR6L889</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>6461364F5</cusip>
                <identifiers>
                    <isin value="US6461364F58"/>
                </identifiers>
                <balance>4920000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>6208513.56</valUSD>
                <pctVal>1.28182670557</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-12-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY</name>
                <lei>549300YUVD5TEXR6L889</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>6461364H1</cusip>
                <identifiers>
                    <isin value="US6461364H15"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1258348</valUSD>
                <pctVal>0.259801972841</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-12-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</name>
                <lei>549300UZSVMFXJK08K70</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>57584YMH9</cusip>
                <identifiers>
                    <isin value="US57584YMH98"/>
                </identifiers>
                <balance>1410000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1588464.12</valUSD>
                <pctVal>0.327958650678</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-11-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SALES TAX SECURITIZATION CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>79467BCG8</cusip>
                <identifiers>
                    <isin value="US79467BCG86"/>
                </identifiers>
                <balance>3500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4542519.45</valUSD>
                <pctVal>0.937861000916</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY</name>
                <lei>5493006JS6QWDVU4R678</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64577B5G5</cusip>
                <identifiers>
                    <isin value="US64577B5G55"/>
                </identifiers>
                <balance>3000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3714427.5</valUSD>
                <pctVal>0.766890869995</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2048-06-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KING COUNTY PUBLIC HOSPITAL DISTRICT NO 1</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>494782LE3</cusip>
                <identifiers>
                    <isin value="US494782LE34"/>
                </identifiers>
                <balance>2365000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2964756.91</valUSD>
                <pctVal>0.61211182774</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHICAGO O'HARE INTERNATIONAL AIRPORT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>167593K92</cusip>
                <identifiers>
                    <isin value="US167593K926"/>
                </identifiers>
                <balance>300000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>375708.24</valUSD>
                <pctVal>0.077569751742</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHICAGO O'HARE INTERNATIONAL AIRPORT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>167593L26</cusip>
                <identifiers>
                    <isin value="US167593L262"/>
                </identifiers>
                <balance>100000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>124994.81</valUSD>
                <pctVal>0.025806770649</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY</name>
                <lei>549300YUVD5TEXR6L889</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>6461364V0</cusip>
                <identifiers>
                    <isin value="US6461364V09"/>
                </identifiers>
                <balance>1225000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1535472.45</valUSD>
                <pctVal>0.317017845424</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-06-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</name>
                <lei>549300UZSVMFXJK08K70</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>57584YSK6</cusip>
                <identifiers>
                    <isin value="US57584YSK63"/>
                </identifiers>
                <balance>5470000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>6248473.99</valUSD>
                <pctVal>1.290077045341</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2049-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ILLINOIS FINANCE AUTHORITY</name>
                <lei>549300ZG6UBPNNNRN315</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>452017AK2</cusip>
                <identifiers>
                    <isin value="US452017AK26"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>643625.75</valUSD>
                <pctVal>0.132884734288</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>ILLINOIS FINANCE AUTHORITY</name>
                <lei>549300ZG6UBPNNNRN315</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>452017AM8</cusip>
                <identifiers>
                    <isin value="US452017AM81"/>
                </identifiers>
                <balance>600000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>769485.6</valUSD>
                <pctVal>0.158870103463</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ILLINOIS FINANCE AUTHORITY</name>
                <lei>549300ZG6UBPNNNRN315</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>452017AR7</cusip>
                <identifiers>
                    <isin value="US452017AR78"/>
                </identifiers>
                <balance>1100000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1372923.31</valUSD>
                <pctVal>0.283457504997</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LANCASTER COUNTY HOSPITAL AUTHORITY/PA</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>51404PAJ8</cusip>
                <identifiers>
                    <isin value="US51404PAJ84"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1142435.9</valUSD>
                <pctVal>0.235870443363</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-06-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>04052VAS9</cusip>
                <identifiers>
                    <isin value="US04052VAS97"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2466182.8</valUSD>
                <pctVal>0.50917485213</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2049-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>549300QWDXL46XQC8110</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>48504NAY5</cusip>
                <identifiers>
                    <isin value="US48504NAY58"/>
                </identifiers>
                <balance>5000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>6300042.5</valUSD>
                <pctVal>1.300724021086</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-03-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PENNSYLVANIA TURNPIKE COMMISSION</name>
                <lei>549300J8LLBYEYEXZJ24</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>709224P52</cusip>
                <identifiers>
                    <isin value="US709224P526"/>
                </identifiers>
                <balance>2400000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3075331.92</valUSD>
                <pctVal>0.634941447007</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MICHIGAN STATE BUILDING AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>594615GZ3</cusip>
                <identifiers>
                    <isin value="US594615GZ36"/>
                </identifiers>
                <balance>4630000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5490621.62</valUSD>
                <pctVal>1.133608770389</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2049-10-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PINELLAS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>72316VAT6</cusip>
                <identifiers>
                    <isin value="US72316VAT61"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>607203.6</valUSD>
                <pctVal>0.125364917492</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TEXAS PRIVATE ACTIVITY BOND SURFACE TRANSPORTATION CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>882667AN8</cusip>
                <identifiers>
                    <isin value="US882667AN81"/>
                </identifiers>
                <balance>3000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3730808.7</valUSD>
                <pctVal>0.770272977391</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2058-06-30</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ALASKA INDUSTRIAL DEVELOPMENT  AND  EXPORT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>011903GK1</cusip>
                <identifiers>
                    <isin value="US011903GK13"/>
                </identifiers>
                <balance>4180000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4787173.01</valUSD>
                <pctVal>0.988372844659</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ALASKA INDUSTRIAL DEVELOPMENT  AND  EXPORT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>011903GL9</cusip>
                <identifiers>
                    <isin value="US011903GL95"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1708526.4</valUSD>
                <pctVal>0.352747037681</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2049-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA</name>
                <lei>JA0WNILDDF2KUPS83B16</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>626207Z56</cusip>
                <identifiers>
                    <isin value="US626207Z561"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1236607.9</valUSD>
                <pctVal>0.255313452281</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2056-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>OHIO HIGHER EDUCATIONAL FACILITY COMMISSION</name>
                <lei>5493007MQT6NGNN6BR81</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>67756DUN4</cusip>
                <identifiers>
                    <isin value="US67756DUN47"/>
                </identifiers>
                <balance>3555000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4155674.13</valUSD>
                <pctVal>0.857991857149</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KENTUCKY STATE PROPERTY  AND  BUILDING COMMISSION</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>49151FC99</cusip>
                <identifiers>
                    <isin value="US49151FC991"/>
                </identifiers>
                <balance>750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>876938.63</valUSD>
                <pctVal>0.181055150193</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF SANTA FE NM</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>802170AP5</cusip>
                <identifiers>
                    <isin value="US802170AP53"/>
                </identifiers>
                <balance>975000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1112097.68</valUSD>
                <pctVal>0.22960673141</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-05-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NORTH CAROLINA TURNPIKE AUTHORITY</name>
                <lei>549300FCT1PN0GJGQ240</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>65830RCT4</cusip>
                <identifiers>
                    <isin value="US65830RCT41"/>
                </identifiers>
                <balance>2800000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3550263.08</valUSD>
                <pctVal>0.732997034437</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2049-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF AKRON OH INCOME TAX REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>010056LN7</cusip>
                <identifiers>
                    <isin value="US010056LN77"/>
                </identifiers>
                <balance>1260000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1447772.38</valUSD>
                <pctVal>0.298911048891</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF AKRON OH INCOME TAX REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>010056LP2</cusip>
                <identifiers>
                    <isin value="US010056LP26"/>
                </identifiers>
                <balance>655000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>751741.93</valUSD>
                <pctVal>0.155206696782</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF AKRON OH INCOME TAX REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>010056LQ0</cusip>
                <identifiers>
                    <isin value="US010056LQ09"/>
                </identifiers>
                <balance>525000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>601438.9</valUSD>
                <pctVal>0.124174721749</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES TOLL ROAD REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>592643DD9</cusip>
                <identifiers>
                    <isin value="US592643DD92"/>
                </identifiers>
                <balance>1285000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1517199.2343866802</valUSD>
                <pctVal>0.313245107305</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MICHIGAN FINANCE AUTHORITY</name>
                <lei>54930022O46HOX5J1D14</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>59447TXH1</cusip>
                <identifiers>
                    <isin value="US59447TXH12"/>
                </identifiers>
                <balance>2575000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3046330.5373130655</valUSD>
                <pctVal>0.628953742145</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2049-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES TOLL ROAD REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>592643DJ6</cusip>
                <identifiers>
                    <isin value="US592643DJ62"/>
                </identifiers>
                <balance>1290000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1512526.4181878143</valUSD>
                <pctVal>0.312280344881</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2053-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>FLORIDA HIGHER EDUCATIONAL FACILITIES FINANCIAL AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>34073TNA1</cusip>
                <identifiers>
                    <isin value="US34073TNA15"/>
                </identifiers>
                <balance>800000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>905102.88</valUSD>
                <pctVal>0.186870018348</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF SPARKS NV</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>846562AD8</cusip>
                <identifiers>
                    <isin value="US846562AD84"/>
                </identifiers>
                <balance>1200000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1256999.28</valUSD>
                <pctVal>0.259523512418</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2028-06-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>2.75</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF SPARKS NV</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>846562AC0</cusip>
                <identifiers>
                    <isin value="US846562AC02"/>
                </identifiers>
                <balance>330000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>336458.76</valUSD>
                <pctVal>0.069466196654</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2024-06-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>2.5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VAUXMONT METROPOLITAN DISTRICT</name>
                <lei>549300M7XL6MB0OW8D56</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>92242SBB8</cusip>
                <identifiers>
                    <isin value="US92242SBB88"/>
                </identifiers>
                <balance>255000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>329243.73</valUSD>
                <pctVal>0.067976561809</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2033-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VAUXMONT METROPOLITAN DISTRICT</name>
                <lei>549300M7XL6MB0OW8D56</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>92242SAY9</cusip>
                <identifiers>
                    <isin value="US92242SAY90"/>
                </identifiers>
                <balance>215000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>280331.68</valUSD>
                <pctVal>0.057878046068</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2030-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VAUXMONT METROPOLITAN DISTRICT</name>
                <lei>549300M7XL6MB0OW8D56</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>92242SAW3</cusip>
                <identifiers>
                    <isin value="US92242SAW35"/>
                </identifiers>
                <balance>210000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>269027.01</valUSD>
                <pctVal>0.055544052953</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2028-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VAUXMONT METROPOLITAN DISTRICT</name>
                <lei>549300M7XL6MB0OW8D56</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>92242SAV5</cusip>
                <identifiers>
                    <isin value="US92242SAV51"/>
                </identifiers>
                <balance>200000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>250392.7</valUSD>
                <pctVal>0.051696762299</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2027-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VAUXMONT METROPOLITAN DISTRICT</name>
                <lei>549300M7XL6MB0OW8D56</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>92242SAM5</cusip>
                <identifiers>
                    <isin value="US92242SAM52"/>
                </identifiers>
                <balance>160000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>185670.02</valUSD>
                <pctVal>0.038333940606</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2032-12-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VAUXMONT METROPOLITAN DISTRICT</name>
                <lei>549300M7XL6MB0OW8D56</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>92242SAL7</cusip>
                <identifiers>
                    <isin value="US92242SAL79"/>
                </identifiers>
                <balance>135000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>156866.3</valUSD>
                <pctVal>0.032387045724</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2031-12-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VAUXMONT METROPOLITAN DISTRICT</name>
                <lei>549300M7XL6MB0OW8D56</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>92242SAX1</cusip>
                <identifiers>
                    <isin value="US92242SAX18"/>
                </identifiers>
                <balance>210000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>274596.06</valUSD>
                <pctVal>0.056693854262</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2029-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VAUXMONT METROPOLITAN DISTRICT</name>
                <lei>549300M7XL6MB0OW8D56</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>92242SAU7</cusip>
                <identifiers>
                    <isin value="US92242SAU78"/>
                </identifiers>
                <balance>190000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>231723.89</valUSD>
                <pctVal>0.04784234868</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2026-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VAUXMONT METROPOLITAN DISTRICT</name>
                <lei>549300M7XL6MB0OW8D56</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>92242SAH6</cusip>
                <identifiers>
                    <isin value="US92242SAH67"/>
                </identifiers>
                <balance>130000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>152266.86</valUSD>
                <pctVal>0.03143743275</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2028-12-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VAUXMONT METROPOLITAN DISTRICT</name>
                <lei>549300M7XL6MB0OW8D56</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>92242SAF0</cusip>
                <identifiers>
                    <isin value="US92242SAF02"/>
                </identifiers>
                <balance>135000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>158765.33</valUSD>
                <pctVal>0.032779124656</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2026-12-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VOLUSIA COUNTY EDUCATIONAL FACILITY AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>928836MZ5</cusip>
                <identifiers>
                    <isin value="US928836MZ56"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>590390.75</valUSD>
                <pctVal>0.121893690456</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-10-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VOLUSIA COUNTY EDUCATIONAL FACILITY AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>928836NC5</cusip>
                <identifiers>
                    <isin value="US928836NC52"/>
                </identifiers>
                <balance>600000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>703470.72</valUSD>
                <pctVal>0.145240490621</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-10-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW YORK STATE DORMITORY AUTHORITY</name>
                <lei>549300C8XO7EXTX2XU71</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64990FPS7</cusip>
                <identifiers>
                    <isin value="US64990FPS73"/>
                </identifiers>
                <balance>1200000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1438971.48</valUSD>
                <pctVal>0.297093990984</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-02-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW YORK STATE DORMITORY AUTHORITY</name>
                <lei>549300C8XO7EXTX2XU71</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64990FPT5</cusip>
                <identifiers>
                    <isin value="US64990FPT56"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1795376.1</valUSD>
                <pctVal>0.370678264496</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-02-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW YORK STATE DORMITORY AUTHORITY</name>
                <lei>549300C8XO7EXTX2XU71</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64990FPV0</cusip>
                <identifiers>
                    <isin value="US64990FPV03"/>
                </identifiers>
                <balance>4750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5610480.55</valUSD>
                <pctVal>1.158355173194</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2047-02-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COUNTY OF BALTIMORE MD</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>059151CM0</cusip>
                <identifiers>
                    <isin value="US059151CM05"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2322597.4</valUSD>
                <pctVal>0.479529817377</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COUNTY OF BALTIMORE MD</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>059151CL2</cusip>
                <identifiers>
                    <isin value="US059151CL22"/>
                </identifiers>
                <balance>1750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2039293.2</valUSD>
                <pctVal>0.421038056692</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2045-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF CHICAGO IL</name>
                <lei>T5UYO5SYLC8K73MJQX30</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>167486F87</cusip>
                <identifiers>
                    <isin value="US167486F873"/>
                </identifiers>
                <balance>1850000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2253209.35</valUSD>
                <pctVal>0.465203770622</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2027-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SALES TAX SECURITIZATION CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>79467BCW3</cusip>
                <identifiers>
                    <isin value="US79467BCW37"/>
                </identifiers>
                <balance>1400000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1804352.34</valUSD>
                <pctVal>0.372531523579</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SALES TAX SECURITIZATION CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>79467BCY9</cusip>
                <identifiers>
                    <isin value="US79467BCY92"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>596556.45</valUSD>
                <pctVal>0.123166677756</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SALES TAX SECURITIZATION CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>79467BCZ6</cusip>
                <identifiers>
                    <isin value="US79467BCZ67"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2380741</valUSD>
                <pctVal>0.491534304202</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY</name>
                <lei>549300ISNGXS0VHGVD41</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>97712D5Q5</cusip>
                <identifiers>
                    <isin value="US97712D5Q53"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1241234.2</valUSD>
                <pctVal>0.256268610844</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-03-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74439YDR9</cusip>
                <identifiers>
                    <isin value="US74439YDR99"/>
                </identifiers>
                <balance>700000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>795407.06</valUSD>
                <pctVal>0.164221919056</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74439YDP3</cusip>
                <identifiers>
                    <isin value="US74439YDP34"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>575398.45</valUSD>
                <pctVal>0.118798339156</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74439YDQ1</cusip>
                <identifiers>
                    <isin value="US74439YDQ17"/>
                </identifiers>
                <balance>600000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>684278.16</valUSD>
                <pctVal>0.141277942143</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2045-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74439YDM0</cusip>
                <identifiers>
                    <isin value="US74439YDM03"/>
                </identifiers>
                <balance>435000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>503570.96</valUSD>
                <pctVal>0.103968638941</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74439YDK4</cusip>
                <identifiers>
                    <isin value="US74439YDK47"/>
                </identifiers>
                <balance>340000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>395236.71</valUSD>
                <pctVal>0.081601653118</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74439YDH1</cusip>
                <identifiers>
                    <isin value="US74439YDH18"/>
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                <balance>300000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>350035.65</valUSD>
                <pctVal>0.072269318531</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LANCASTER COUNTY HOSPITAL AUTHORITY/PA</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>514045V59</cusip>
                <identifiers>
                    <isin value="US514045V593"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>577942.5</valUSD>
                <pctVal>0.119323590683</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-03-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LANCASTER COUNTY HOSPITAL AUTHORITY/PA</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>514045V75</cusip>
                <identifiers>
                    <isin value="US514045V759"/>
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                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>572269.65</valUSD>
                <pctVal>0.118152358543</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-03-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
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                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>118217CX4</cusip>
                <identifiers>
                    <isin value="US118217CX40"/>
                </identifiers>
                <balance>1250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1463493.63</valUSD>
                <pctVal>0.302156901203</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2048-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>118217CZ9</cusip>
                <identifiers>
                    <isin value="US118217CZ97"/>
                </identifiers>
                <balance>5155000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>6067224.68</valUSD>
                <pctVal>1.252655816623</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2055-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64971XQH4</cusip>
                <identifiers>
                    <isin value="US64971XQH43"/>
                </identifiers>
                <balance>700000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>855734.04</valUSD>
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                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
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                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64971XQJ0</cusip>
                <identifiers>
                    <isin value="US64971XQJ09"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>609711.3</valUSD>
                <pctVal>0.125882664099</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64971XQK7</cusip>
                <identifiers>
                    <isin value="US64971XQK71"/>
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                <balance>12325000</balance>
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                <curCd>USD</curCd>
                <valUSD>15000590.4</valUSD>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64971XQL5</cusip>
                <identifiers>
                    <isin value="US64971XQL54"/>
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                <balance>1000000</balance>
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                <curCd>USD</curCd>
                <valUSD>1315963.7</valUSD>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2041-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF CONNECTICUT SPECIAL TAX REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>207758A45</cusip>
                <identifiers>
                    <isin value="US207758A456"/>
                </identifiers>
                <balance>1700000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2058752.36</valUSD>
                <pctVal>0.425055648135</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>179027YM3</cusip>
                <identifiers>
                    <isin value="US179027YM31"/>
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                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1117251.8</valUSD>
                <pctVal>0.230670865135</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-11-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.25</annualizedRt>
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                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PONTIAC SCHOOL DISTRICT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>732538HL0</cusip>
                <identifiers>
                    <isin value="US732538HL07"/>
                </identifiers>
                <balance>4976471</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5953008.129789086</valUSD>
                <pctVal>1.229074354996</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PONTIAC SCHOOL DISTRICT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>732538HK2</cusip>
                <identifiers>
                    <isin value="US732538HK24"/>
                </identifiers>
                <balance>4423529</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5298479.419007323</valUSD>
                <pctVal>1.093938565578</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2045-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>04052FBV6</cusip>
                <identifiers>
                    <isin value="US04052FBV67"/>
                </identifiers>
                <balance>2855000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3340724.29</valUSD>
                <pctVal>0.689735082236</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NORTH CAROLINA MEDICAL CARE COMMISSION</name>
                <lei>549300FH6KOXGCHQYG81</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>65820YRR9</cusip>
                <identifiers>
                    <isin value="US65820YRR98"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>570475.7</valUSD>
                <pctVal>0.117781974715</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2045-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW YORK TRANSPORTATION DEVELOPMENT CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>650116CZ7</cusip>
                <identifiers>
                    <isin value="US650116CZ75"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2575908.4</valUSD>
                <pctVal>0.531829099882</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
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                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VILLAGE COMMUNITY DEVELOPMENT DISTRICT NO 13</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>92708HAH7</cusip>
                <identifiers>
                    <isin value="US92708HAH75"/>
                </identifiers>
                <balance>2500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2647223</valUSD>
                <pctVal>0.546552907424</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>3</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>OHIO HIGHER EDUCATIONAL FACILITY COMMISSION</name>
                <lei>5493007MQT6NGNN6BR81</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>67756DXJ0</cusip>
                <identifiers>
                    <isin value="US67756DXJ08"/>
                </identifiers>
                <balance>3500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4014729.25</valUSD>
                <pctVal>0.828891991384</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
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                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VIRGINIA SMALL BUSINESS FINANCING AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>928104NA2</cusip>
                <identifiers>
                    <isin value="US928104NA26"/>
                </identifiers>
                <balance>3000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3440332.5</valUSD>
                <pctVal>0.710300465953</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>549300QWDXL46XQC8110</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>48504NCK3</cusip>
                <identifiers>
                    <isin value="US48504NCK37"/>
                </identifiers>
                <balance>6000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>6933085.8</valUSD>
                <pctVal>1.431423873777</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2057-03-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ST LOUIS MUNICIPAL FINANCE CORP</name>
                <lei>549300CR13DAYKUKQN03</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>79165TUC3</cusip>
                <identifiers>
                    <isin value="US79165TUC34"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2529162.4</valUSD>
                <pctVal>0.522177792754</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2045-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COLORADO HEALTH FACILITIES AUTHORITY</name>
                <lei>5493002JB6DRFRZPEQ21</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>19648FRW6</cusip>
                <identifiers>
                    <isin value="US19648FRW67"/>
                </identifiers>
                <balance>2700000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3126547.89</valUSD>
                <pctVal>0.645515636378</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SOUTH JERSEY TRANSPORTATION AUTHORITY</name>
                <lei>549300W8SZI2CAOKT956</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>838536LM0</cusip>
                <identifiers>
                    <isin value="US838536LM07"/>
                </identifiers>
                <balance>3350000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4256777.67</valUSD>
                <pctVal>0.878865970791</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2045-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DISTRICT OF COLUMBIA</name>
                <lei>549300HWFOZXPKGOX654</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>25483VXQ2</cusip>
                <identifiers>
                    <isin value="US25483VXQ21"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1792782.15</valUSD>
                <pctVal>0.370142710478</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DISTRICT OF COLUMBIA</name>
                <lei>549300HWFOZXPKGOX654</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>25483VXR0</cusip>
                <identifiers>
                    <isin value="US25483VXR04"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1770998.25</valUSD>
                <pctVal>0.36564514685</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DISTRICT OF COLUMBIA</name>
                <lei>549300HWFOZXPKGOX654</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>25483VXU3</cusip>
                <identifiers>
                    <isin value="US25483VXU33"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2430917.4</valUSD>
                <pctVal>0.501893861106</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STERLING RANCH COMMUNITY AUTHORITY BOARD</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>85950NAM2</cusip>
                <identifiers>
                    <isin value="US85950NAM20"/>
                </identifiers>
                <balance>550000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>617505.19</valUSD>
                <pctVal>0.127491811964</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF HAWAII HARBOR SYSTEM REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>41981THF3</cusip>
                <identifiers>
                    <isin value="US41981THF30"/>
                </identifiers>
                <balance>1700000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2053644.37</valUSD>
                <pctVal>0.424001038537</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF HAWAII HARBOR SYSTEM REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>41981TJA2</cusip>
                <identifiers>
                    <isin value="US41981TJA25"/>
                </identifiers>
                <balance>300000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>364859.01</valUSD>
                <pctVal>0.075329790016</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>REGIONAL TRANSPORTATION DISTRICT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>759151BR3</cusip>
                <identifiers>
                    <isin value="US759151BR30"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1225581.4</valUSD>
                <pctVal>0.253036890906</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-07-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>REGIONAL TRANSPORTATION DISTRICT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>759151BT9</cusip>
                <identifiers>
                    <isin value="US759151BT95"/>
                </identifiers>
                <balance>850000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>927242.82</valUSD>
                <pctVal>0.191441090969</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-07-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>3</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>REGIONAL TRANSPORTATION DISTRICT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>759151BU6</cusip>
                <identifiers>
                    <isin value="US759151BU68"/>
                </identifiers>
                <balance>800000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>969097.2</valUSD>
                <pctVal>0.200082460842</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-07-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MARYLAND ECONOMIC DEVELOPMENT CORP</name>
                <lei>549300JJ16DDBSZWSN94</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>57420VRN5</cusip>
                <identifiers>
                    <isin value="US57420VRN54"/>
                </identifiers>
                <balance>1350000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1579961.03</valUSD>
                <pctVal>0.32620307944</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>63607YAN0</cusip>
                <identifiers>
                    <isin value="US63607YAN04"/>
                </identifiers>
                <balance>2540000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2731774.57</valUSD>
                <pctVal>0.564009656028</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2055-08-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4.5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>63607YAL4</cusip>
                <identifiers>
                    <isin value="US63607YAL48"/>
                </identifiers>
                <balance>1070000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1146693.43</valUSD>
                <pctVal>0.236749464662</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-08-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4.125</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>63607YAM2</cusip>
                <identifiers>
                    <isin value="US63607YAM21"/>
                </identifiers>
                <balance>1210000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1293013.99</valUSD>
                <pctVal>0.266959208036</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2046-08-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PENNSYLVANIA TURNPIKE COMMISSION</name>
                <lei>549300J8LLBYEYEXZJ24</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>709225BB1</cusip>
                <identifiers>
                    <isin value="US709225BB19"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>593721.5</valUSD>
                <pctVal>0.122581366219</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2045-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MARYLAND HEALTH  AND  HIGHER EDUCATIONAL FACILITIES AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>57421CCJ1</cusip>
                <identifiers>
                    <isin value="US57421CCJ18"/>
                </identifiers>
                <balance>750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>885505.2</valUSD>
                <pctVal>0.182823827686</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2046-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CALIFORNIA COMMUNITY HOUSING AGENCY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>13013FAG9</cusip>
                <identifiers>
                    <isin value="US13013FAG90"/>
                </identifiers>
                <balance>2125000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2364413.76</valUSD>
                <pctVal>0.488163337536</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2056-02-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY</name>
                <lei>549300ISNGXS0VHGVD41</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>97712D7R1</cusip>
                <identifiers>
                    <isin value="US97712D7R19"/>
                </identifiers>
                <balance>1645000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1964178.53</valUSD>
                <pctVal>0.405529676295</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2041-08-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY</name>
                <lei>549300ISNGXS0VHGVD41</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>97712D7S9</cusip>
                <identifiers>
                    <isin value="US97712D7S91"/>
                </identifiers>
                <balance>850000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>999619.47</valUSD>
                <pctVal>0.206384172261</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2046-08-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY</name>
                <lei>549300PWNPSB7G58A235</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>65818PNR6</cusip>
                <identifiers>
                    <isin value="US65818PNR63"/>
                </identifiers>
                <balance>900000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1095301.26</valUSD>
                <pctVal>0.226138896556</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF ILLINOIS</name>
                <lei>54930048FV8RWPR02D67</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>452153AU3</cusip>
                <identifiers>
                    <isin value="US452153AU36"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1790014.95</valUSD>
                <pctVal>0.369571386791</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-03-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>CALIFORNIA HOUSING FINANCE</name>
                <lei>549300BOPCVLBA552Z14</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>13033DAE5</cusip>
                <identifiers>
                    <isin value="US13033DAE58"/>
                </identifiers>
                <balance>2090074</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2491994.19</valUSD>
                <pctVal>0.514503942368</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-11-20</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>3.5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>586111PN0</cusip>
                <identifiers>
                    <isin value="US586111PN00"/>
                </identifiers>
                <balance>1200000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1541529.24</valUSD>
                <pctVal>0.318268346868</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2049-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>155498LX4</cusip>
                <identifiers>
                    <isin value="US155498LX41"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1775027.4</valUSD>
                <pctVal>0.366477016189</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>155498LV8</cusip>
                <identifiers>
                    <isin value="US155498LV84"/>
                </identifiers>
                <balance>750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>904328.1</valUSD>
                <pctVal>0.186710055148</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2041-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CALIFORNIA STATE PUBLIC WORKS BOARD</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>13068XAM1</cusip>
                <identifiers>
                    <isin value="US13068XAM11"/>
                </identifiers>
                <balance>3000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3953019.9</valUSD>
                <pctVal>0.816151310052</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2033-08-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GEORGE L SMITH II CONGRESS CENTER AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>37255MAC9</cusip>
                <identifiers>
                    <isin value="US37255MAC91"/>
                </identifiers>
                <balance>1600000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1869297.44</valUSD>
                <pctVal>0.385940266714</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2054-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>IOWA TOBACCO SETTLEMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>888805CH9</cusip>
                <identifiers>
                    <isin value="US888805CH95"/>
                </identifiers>
                <balance>1250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1476878.63</valUSD>
                <pctVal>0.304920404945</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2049-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</name>
                <lei>549300UZSVMFXJK08K70</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>57584YL64</cusip>
                <identifiers>
                    <isin value="US57584YL648"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1773450.45</valUSD>
                <pctVal>0.366151434775</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CALIFORNIA COMMUNITY HOUSING AGENCY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>13013FAR5</cusip>
                <identifiers>
                    <isin value="US13013FAR55"/>
                </identifiers>
                <balance>550000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>631472.55</valUSD>
                <pctVal>0.130375551346</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2056-02-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY</name>
                <lei>549300YUVD5TEXR6L889</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64613CAV0</cusip>
                <identifiers>
                    <isin value="US64613CAV00"/>
                </identifiers>
                <balance>600000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>760974.66</valUSD>
                <pctVal>0.157112911492</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-06-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY</name>
                <lei>549300YUVD5TEXR6L889</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64613CAA6</cusip>
                <identifiers>
                    <isin value="US64613CAA62"/>
                </identifiers>
                <balance>3750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4362666.38</valUSD>
                <pctVal>0.900728043731</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-06-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY</name>
                <lei>549300YUVD5TEXR6L889</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64613CAE8</cusip>
                <identifiers>
                    <isin value="US64613CAE84"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1148963.5</valUSD>
                <pctVal>0.237218149528</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-06-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY</name>
                <lei>549300YUVD5TEXR6L889</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64613CAB4</cusip>
                <identifiers>
                    <isin value="US64613CAB46"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1739572.35</valUSD>
                <pctVal>0.359156869507</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-06-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COUNTY OF LINCOLN SD</name>
                <lei>549300USXDZ5FGJLUV88</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>53340EAB3</cusip>
                <identifiers>
                    <isin value="US53340EAB39"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1137956.4</valUSD>
                <pctVal>0.23494559353</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-08-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WASHINGTON STATE HOUSING FINANCE COMMISSION</name>
                <lei>549300YL1HU59NREG764</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>93978TS59</cusip>
                <identifiers>
                    <isin value="US93978TS593"/>
                </identifiers>
                <balance>2698806.76</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3188527.11</valUSD>
                <pctVal>0.658312035809</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-12-20</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>3.5</annualizedRt>
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                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</name>
                <lei>549300UZSVMFXJK08K70</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>57584YN21</cusip>
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                    <isin value="US57584YN214"/>
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                <balance>1200000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1398360.84</valUSD>
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                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2045-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>NORTH CAROLINA MEDICAL CARE COMMISSION</name>
                <lei>549300FH6KOXGCHQYG81</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>65821DYG0</cusip>
                <identifiers>
                    <isin value="US65821DYG05"/>
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                <balance>2250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2481748.43</valUSD>
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                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-03-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>MISSOURI DEVELOPMENT FINANCE BOARD</name>
                <lei>549300JD8BCNBV9D3830</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>60636SHU1</cusip>
                <identifiers>
                    <isin value="US60636SHU15"/>
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                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1739529.9</valUSD>
                <pctVal>0.359148105164</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-03-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>MISSISSIPPI BUSINESS FINANCE CORP</name>
                <lei>549300DYV074JUDKBQ77</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>605279MK1</cusip>
                <identifiers>
                    <isin value="US605279MK10"/>
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                <balance>2025000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2049746.92</valUSD>
                <pctVal>0.42319636034</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>2.375</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA</name>
                <lei>JA0WNILDDF2KUPS83B16</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>6262078G2</cusip>
                <identifiers>
                    <isin value="US6262078G23"/>
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                <balance>2300000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2668665.39</valUSD>
                <pctVal>0.550979961963</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA</name>
                <lei>JA0WNILDDF2KUPS83B16</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>62620HAW2</cusip>
                <identifiers>
                    <isin value="US62620HAW25"/>
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                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>581409.4</valUSD>
                <pctVal>0.120039376348</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA</name>
                <lei>JA0WNILDDF2KUPS83B16</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>62620HAY8</cusip>
                <identifiers>
                    <isin value="US62620HAY80"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1249035.3</valUSD>
                <pctVal>0.257879247306</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2062-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA</name>
                <lei>JA0WNILDDF2KUPS83B16</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>6262077H1</cusip>
                <identifiers>
                    <isin value="US6262077H15"/>
                </identifiers>
                <balance>425000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>491337.23</valUSD>
                <pctVal>0.101442829555</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA</name>
                <lei>JA0WNILDDF2KUPS83B16</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>6262077J7</cusip>
                <identifiers>
                    <isin value="US6262077J70"/>
                </identifiers>
                <balance>650000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>802163.64</valUSD>
                <pctVal>0.165616901059</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2056-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA</name>
                <lei>JA0WNILDDF2KUPS83B16</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>6262078F4</cusip>
                <identifiers>
                    <isin value="US6262078F40"/>
                </identifiers>
                <balance>800000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>938923.76</valUSD>
                <pctVal>0.193852769819</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2046-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>METROPOLITAN PIER  AND  EXPOSITION AUTHORITY</name>
                <lei>254900I3VDCQ58UGBR15</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>592250EW0</cusip>
                <identifiers>
                    <isin value="US592250EW01"/>
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                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1164096.9</valUSD>
                <pctVal>0.240342632721</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-12-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>PENNSYLVANIA TURNPIKE COMMISSION</name>
                <lei>549300J8LLBYEYEXZJ24</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>709225DZ6</cusip>
                <identifiers>
                    <isin value="US709225DZ68"/>
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                <balance>1395000</balance>
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                <curCd>USD</curCd>
                <valUSD>1671923.4</valUSD>
                <pctVal>0.345189882099</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>PENNSYLVANIA TURNPIKE COMMISSION</name>
                <lei>549300J8LLBYEYEXZJ24</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>709225DY9</cusip>
                <identifiers>
                    <isin value="US709225DY93"/>
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                <balance>1340000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1614051.31</valUSD>
                <pctVal>0.333241451971</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2046-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF SUNNYVALE CA</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>867587AB3</cusip>
                <identifiers>
                    <isin value="US867587AB34"/>
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                <balance>80000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>80000</valUSD>
                <pctVal>0.016517019002</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2021-08-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>7.65</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DETROIT CITY SCHOOL DISTRICT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>251129ZY1</cusip>
                <identifiers>
                    <isin value="US251129ZY14"/>
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                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1245866.3</valUSD>
                <pctVal>0.25722496689</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2029-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>6</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>J.P. MORGAN SECURITIES, LLC.</name>
                <lei>ZBUT11V806EZRVTWT807</lei>
                <title>GOVERNMENT FUTURES</title>
                <cusip>N/A</cusip>
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                    <ticker value="FVU1COMDTY"/>
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                <balance>275</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>34222461.08</valUSD>
                <pctVal>7.065662999483</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>J.P. MORGAN SECURITIES, LLC.</counterpartyName>
                            <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
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                        <payOffProf>Short</payOffProf>
                        <descRefInstrmnt>
                            <otherRefInst>
<issuerName>UNITED STATES OF AMERICA</issuerName>
<issueTitle>US TREASURY N/B               00.3750 11/30/2025</issueTitle>
<identifiers>
    <cusip value="91282CAZ4"/>
</identifiers>
                            </otherRefInst>
                        </descRefInstrmnt>
                        <expDate>2021-01-05</expDate>
                        <notionalAmt>34045685.8</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-176775.28</unrealizedAppr>
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                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>CREDIT SUISSE SECURITIES (USA), LLC</name>
                <lei>1V8Y6QCX6YMJ2OELII46</lei>
                <title>Inflation Swap Leg</title>
                <cusip>99MB369Y5</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2498457"/>
                </identifiers>
                <balance>28158000</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>883598.04</valUSD>
                <pctVal>0.182430070212</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <swapDeriv derivCat="SWP">
                        <counterparties>
                            <counterpartyName>CREDIT SUISSE SECURITIES (USA), LLC</counterpartyName>
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                        <terminationDt>2026-03-29</terminationDt>
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                        <notionalAmt>28158000</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-883882.43</unrealizedAppr>
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                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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            </invstOrSec>
            <invstOrSec>
                <name>NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHORITY</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>64579FSM6</cusip>
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                    <isin value="US64579FSM67"/>
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                <balance>1500000</balance>
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                <curCd>USD</curCd>
                <valUSD>1504777.8</valUSD>
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                <assetCat>DBT</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2037-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.75</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>CSCDA COMMUNITY IMPROVEMENT AUTHORITY</name>
                <lei>N/A</lei>
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                <cusip>126292AR2</cusip>
                <identifiers>
                    <isin value="US126292AR25"/>
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                <balance>1635000</balance>
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                <curCd>USD</curCd>
                <valUSD>1703879.12</valUSD>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2056-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>3</annualizedRt>
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                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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            </invstOrSec>
            <invstOrSec>
                <name>MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRICT</name>
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                <title>MUNI ORIG ISSUE DISC</title>
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                    <isin value="US59561TAQ67"/>
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                <balance>1625000</balance>
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                <curCd>USD</curCd>
                <valUSD>1727532.79</valUSD>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-08-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
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                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>METROPOLITAN GOVERNMENT NASHVILLE  AND  DAVIDSON COUNTY HEALTH  AND  EDUCATIONAL FACS BD</name>
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                <cusip>592041YU5</cusip>
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                    <isin value="US592041YU52"/>
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                <balance>2250000</balance>
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                <curCd>USD</curCd>
                <valUSD>2450365.2</valUSD>
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                <assetCat>DBT</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2045-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
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                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>STATE OF ILLINOIS</name>
                <lei>54930048FV8RWPR02D67</lei>
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                    <isin value="US4521526K26"/>
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                <balance>1250000</balance>
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                <curCd>USD</curCd>
                <valUSD>1683004.88</valUSD>
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                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2030-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.5</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>METROPOLITAN TRANSPORTATION AUTHORITY</name>
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                    <isin value="US59261AG435"/>
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                <curCd>USD</curCd>
                <valUSD>1879095.9</valUSD>
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                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2050-11-15</maturityDt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>COUNTY OF FRANKLIN OH</name>
                <lei>549300VCBUC1RZE7KL42</lei>
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                <cusip>353180KC5</cusip>
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                    <isin value="US353180KC58"/>
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                <balance>65000</balance>
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                <curCd>USD</curCd>
                <valUSD>68411.42</valUSD>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>6</annualizedRt>
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                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>COUNTY OF FRANKLIN OH</name>
                <lei>549300VCBUC1RZE7KL42</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>353180KG6</cusip>
                <identifiers>
                    <isin value="US353180KG62"/>
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                <balance>1060000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1107839.39</valUSD>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>6</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>CLIFTON HIGHER EDUCATION FINANCE CORP</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>187145JT5</cusip>
                <identifiers>
                    <isin value="US187145JT58"/>
                </identifiers>
                <balance>1150000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1346078.11</valUSD>
                <pctVal>0.277914971516</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2048-08-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>6.125</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP</name>
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                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>64542YBG0</cusip>
                <identifiers>
                    <isin value="US64542YBG08"/>
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                <balance>1000000</balance>
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                <curCd>USD</curCd>
                <valUSD>1136032</valUSD>
                <pctVal>0.234548276638</pctVal>
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                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2053-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4.125</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP</name>
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                    <isin value="US64542YAM84"/>
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                <balance>1000000</balance>
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                <valUSD>1136032</valUSD>
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                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2053-07-01</maturityDt>
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            <invstOrSec>
                <name>DISTRICT OF COLUMBIA</name>
                <lei>549300HWFOZXPKGOX654</lei>
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                    <isin value="US25483VSG04"/>
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                    <maturityDt>2052-07-01</maturityDt>
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            <invstOrSec>
                <name>CITY OF CHICAGO IL</name>
                <lei>T5UYO5SYLC8K73MJQX30</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>167486ZY8</cusip>
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                    <isin value="US167486ZY84"/>
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                <balance>1920000</balance>
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                    <maturityDt>2038-01-01</maturityDt>
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            <invstOrSec>
                <name>NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY</name>
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                    <isin value="US64577BTK07"/>
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                    <maturityDt>2036-06-15</maturityDt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>COUNTY OF LAKE OH</name>
                <lei>N/A</lei>
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                    <isin value="US50943PCN78"/>
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                    <maturityDt>2043-08-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>6</annualizedRt>
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            <invstOrSec>
                <name>CITY OF CHICAGO IL</name>
                <lei>T5UYO5SYLC8K73MJQX30</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>167486VT3</cusip>
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                    <isin value="US167486VT36"/>
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                <balance>3175000</balance>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2035-01-01</maturityDt>
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            <invstOrSec>
                <name>CHICAGO BOARD OF EDUCATION</name>
                <lei>54930099NR6T9V7LVB43</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>167505QR0</cusip>
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                <curCd>USD</curCd>
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                <fairValLevel>2</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY</name>
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                    <isin value="US57563RLM96"/>
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                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2032-01-01</maturityDt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>YUMA INDUSTRIAL DEVELOPMENT AUTHORITY</name>
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                    <isin value="US988514CD57"/>
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                <balance>2065000</balance>
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                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2032-08-01</maturityDt>
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                    <annualizedRt>5</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>STATE OF ILLINOIS</name>
                <lei>54930048FV8RWPR02D67</lei>
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                <cusip>452152VM0</cusip>
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                    <isin value="US452152VM08"/>
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                <balance>300000</balance>
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                <curCd>USD</curCd>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-02-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</name>
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                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>57583UC48</cusip>
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                    <isin value="US57583UC480"/>
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                <balance>500000</balance>
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                <curCd>USD</curCd>
                <valUSD>535472.25</valUSD>
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                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2043-07-15</maturityDt>
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                    <annualizedRt>5.75</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>COUNTY OF JEFFERSON AL SEWER REVENUE</name>
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                <cusip>472682RM7</cusip>
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                    <isin value="US472682RM76"/>
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                <balance>2000000</balance>
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                <curCd>USD</curCd>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2053-10-01</maturityDt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>PUBLIC AUTHORITY FOR COLORADO ENERGY</name>
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                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>744387AD3</cusip>
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                    <isin value="US744387AD35"/>
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                <balance>2250000</balance>
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                <curCd>USD</curCd>
                <valUSD>3560172.08</valUSD>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-11-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>6.5</annualizedRt>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>INDIANA FINANCE AUTHORITY</name>
                <lei>549300PS0PAS7NDSSI20</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>455057L23</cusip>
                <identifiers>
                    <isin value="US455057L236"/>
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                <balance>1000000</balance>
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                <curCd>USD</curCd>
                <valUSD>1015912.9</valUSD>
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                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2041-11-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.75</annualizedRt>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>SOUTHEASTERN OHIO PORT AUTHORITY</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>841895AH8</cusip>
                <identifiers>
                    <isin value="US841895AH89"/>
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                <balance>625000</balance>
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                <curCd>USD</curCd>
                <valUSD>655993.25</valUSD>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2032-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.75</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>STATE OF ILLINOIS</name>
                <lei>54930048FV8RWPR02D67</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>452152TC5</cusip>
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                    <isin value="US452152TC53"/>
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                <balance>2280000</balance>
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                <curCd>USD</curCd>
                <valUSD>2467007.2</valUSD>
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                <assetCat>DBT</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2038-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.5</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>NORTH NATOMAS COMMUNITY FACILITIES DISTRICT/CA</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>661253CF9</cusip>
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                    <isin value="US661253CF95"/>
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                <balance>1250000</balance>
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                <curCd>USD</curCd>
                <valUSD>1359965.63</valUSD>
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                <assetCat>DBT</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2030-09-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</name>
                <lei>549300UZSVMFXJK08K70</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>57583UYD4</cusip>
                <identifiers>
                    <isin value="US57583UYD44"/>
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                <balance>1100000</balance>
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                <curCd>USD</curCd>
                <valUSD>1194269.45</valUSD>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2028-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.75</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>CHICAGO O'HARE INTERNATIONAL AIRPORT</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>167593NX6</cusip>
                <identifiers>
                    <isin value="US167593NX63"/>
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                <balance>1250000</balance>
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                <curCd>USD</curCd>
                <valUSD>1332754.13</valUSD>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.375</annualizedRt>
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            <invstOrSec>
                <name>NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY</name>
                <lei>5493006JS6QWDVU4R678</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>6459182D4</cusip>
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                    <isin value="US6459182D47"/>
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                <balance>500000</balance>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2043-01-01</maturityDt>
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            <invstOrSec>
                <name>KENTUCKY PUBLIC TRANSPORTATION INFRASTRUCTURE AUTHORITY</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>491397AC9</cusip>
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                    <isin value="US491397AC99"/>
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                <balance>1000000</balance>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2053-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
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            <invstOrSec>
                <name>LOUISIANA OFFSHORE TERMINAL AUTHORITY</name>
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                <title>MUNI PUT BOND ACT</title>
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                    <isin value="US546510FQ67"/>
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                <balance>1600000</balance>
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                    <maturityDt>2033-09-01</maturityDt>
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            <invstOrSec>
                <name>KENTUCKY PUBLIC ENERGY AUTHORITY</name>
                <lei>N/A</lei>
                <title>MUNI PUT BOND ACT</title>
                <cusip>74440DBR4</cusip>
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                    <isin value="US74440DBR44"/>
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                <valUSD>6186602.95</valUSD>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2049-12-01</maturityDt>
                    <couponKind>Variable</couponKind>
                    <annualizedRt>4</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>LANCASTER PORT AUTHORITY</name>
                <lei>5493007EGWLFDZJFF129</lei>
                <title>MUNI PUT BOND ACT</title>
                <cusip>514401BA5</cusip>
                <identifiers>
                    <isin value="US514401BA51"/>
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                <balance>2850000</balance>
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                <curCd>USD</curCd>
                <valUSD>3281711.45</valUSD>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2049-08-01</maturityDt>
                    <couponKind>Variable</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>INDIANA FINANCE AUTHORITY</name>
                <lei>549300PS0PAS7NDSSI20</lei>
                <title>MUNI PUT BOND ACT</title>
                <cusip>45471ATB8</cusip>
                <identifiers>
                    <isin value="US45471ATB88"/>
                </identifiers>
                <balance>2700000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2857898.7</valUSD>
                <pctVal>0.590049589176</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2049-11-01</maturityDt>
                    <couponKind>Variable</couponKind>
                    <annualizedRt>2.1</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY</name>
                <lei>N/A</lei>
                <title>MUNI PUT BOND ACT</title>
                <cusip>708692BP2</cusip>
                <identifiers>
                    <isin value="US708692BP27"/>
                </identifiers>
                <balance>5000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5202195</valUSD>
                <pctVal>1.074059420848</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-08-01</maturityDt>
                    <couponKind>Variable</couponKind>
                    <annualizedRt>1.75</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COUNTY OF GILLIAM OR</name>
                <lei>N/A</lei>
                <title>MUNI PUT BOND ACT</title>
                <cusip>37580TAF3</cusip>
                <identifiers>
                    <isin value="US37580TAF30"/>
                </identifiers>
                <balance>2250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2288472.3</valUSD>
                <pctVal>0.472484255812</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-07-01</maturityDt>
                    <couponKind>Variable</couponKind>
                    <annualizedRt>2.4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BLACK BELT ENERGY GAS DISTRICT</name>
                <lei>549300I8V0Z68JQCB679</lei>
                <title>MUNI PUT BOND ACT</title>
                <cusip>09182RAF8</cusip>
                <identifiers>
                    <isin value="US09182RAF82"/>
                </identifiers>
                <balance>1700000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1836919.53</valUSD>
                <pctVal>0.37925543478</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2048-12-01</maturityDt>
                    <couponKind>Variable</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PARISH OF ST JOHN THE BAPTIST LA</name>
                <lei>N/A</lei>
                <title>MUNI PUT BOND ACT</title>
                <cusip>79020FAY2</cusip>
                <identifiers>
                    <isin value="US79020FAY25"/>
                </identifiers>
                <balance>3010000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3167857.34</valUSD>
                <pctVal>0.654044498511</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-06-01</maturityDt>
                    <couponKind>Variable</couponKind>
                    <annualizedRt>2.2</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CENTRAL PLAINS ENERGY PROJECT - RBC SERIES 2019</name>
                <lei>N/A</lei>
                <title>MUNI PUT BOND ACT</title>
                <cusip>154872AT2</cusip>
                <identifiers>
                    <isin value="US154872AT23"/>
                </identifiers>
                <balance>2150000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2438027.12</valUSD>
                <pctVal>0.50336175336</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2049-12-01</maturityDt>
                    <couponKind>Variable</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KENTUCKY PUBLIC ENERGY AUTHORITY</name>
                <lei>N/A</lei>
                <title>MUNI PUT BOND ACT</title>
                <cusip>74440DBD5</cusip>
                <identifiers>
                    <isin value="US74440DBD57"/>
                </identifiers>
                <balance>3000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3336605.7</valUSD>
                <pctVal>0.68888474687</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2049-01-01</maturityDt>
                    <couponKind>Variable</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CENTRAL PLAINS ENERGY PROJECT</name>
                <lei>SVQOT7V5CPLIGNP5BE29</lei>
                <title>MUNI PUT BOND ACT</title>
                <cusip>154871CT2</cusip>
                <identifiers>
                    <isin value="US154871CT22"/>
                </identifiers>
                <balance>5250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5807679.15</valUSD>
                <pctVal>1.199069335987</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-03-01</maturityDt>
                    <couponKind>Variable</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PENNSYLVANIA TURNPIKE COMMISSION</name>
                <lei>549300J8LLBYEYEXZJ24</lei>
                <title>MUNI STEP UP BOND</title>
                <cusip>709224DV8</cusip>
                <identifiers>
                    <isin value="US709224DV89"/>
                </identifiers>
                <balance>4385000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5049452.47</valUSD>
                <pctVal>1.042523779968</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-12-01</maturityDt>
                    <couponKind>Variable</couponKind>
                    <annualizedRt>0</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NORTH TEXAS TOLLWAY AUTHORITY</name>
                <lei>PQGZGRE0F2WPMYQQ1B78</lei>
                <title>MUNI STEP UP BOND</title>
                <cusip>66285WEF9</cusip>
                <identifiers>
                    <isin value="US66285WEF95"/>
                </identifiers>
                <balance>4000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4842521.6</valUSD>
                <pctVal>0.999800266069</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2043-01-01</maturityDt>
                    <couponKind>Variable</couponKind>
                    <annualizedRt>6.5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>METROPOLITAN PIER  AND  EXPOSITION AUTHORITY</name>
                <lei>254900I3VDCQ58UGBR15</lei>
                <title>MUNI STEP UP BOND</title>
                <cusip>592250CW2</cusip>
                <identifiers>
                    <isin value="US592250CW29"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>905544.5</valUSD>
                <pctVal>0.186961196422</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-12-15</maturityDt>
                    <couponKind>Variable</couponKind>
                    <annualizedRt>0</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SOUTHERN ILLINOIS UNIVERSITY</name>
                <lei>N/A</lei>
                <title>MUNI. ZERO</title>
                <cusip>843146D73</cusip>
                <identifiers>
                    <isin value="US843146D730"/>
                </identifiers>
                <balance>1870000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1759834</valUSD>
                <pctVal>0.363340145233</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2025-04-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>0</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LAKE COUNTY COMMUNITY CONSOLIDATED SCHOOL DISTRICT NO 73 HAWTHORN</name>
                <lei>N/A</lei>
                <title>MUNI. ZERO</title>
                <cusip>508759KZ9</cusip>
                <identifiers>
                    <isin value="US508759KZ93"/>
                </identifiers>
                <balance>1300000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1298113.05</valUSD>
                <pctVal>0.268011973922</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2021-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>0</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</name>
                <lei>549300UZSVMFXJK08K70</lei>
                <title>MUNI. ZERO</title>
                <cusip>57584XVU2</cusip>
                <identifiers>
                    <isin value="US57584XVU26"/>
                </identifiers>
                <balance>187307</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>130237.69</valUSD>
                <pctVal>0.026889230007</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2056-11-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>0</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF CHICAGO IL</name>
                <lei>T5UYO5SYLC8K73MJQX30</lei>
                <title>MUNI. ZERO</title>
                <cusip>167727HR0</cusip>
                <identifiers>
                    <isin value="US167727HR01"/>
                </identifiers>
                <balance>1600000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1579180.16</valUSD>
                <pctVal>0.326041858882</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2024-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>0</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHICAGO BOARD OF EDUCATION</name>
                <lei>54930099NR6T9V7LVB43</lei>
                <title>MUNI. ZERO</title>
                <cusip>167501UK9</cusip>
                <identifiers>
                    <isin value="US167501UK94"/>
                </identifiers>
                <balance>3500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3494919.75</valUSD>
                <pctVal>0.721570699022</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2021-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>0</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>METROPOLITAN WASHINGTON AIRPORTS AUTHORITY</name>
                <lei>7HERAVJJLN8J1DZ6AZ19</lei>
                <title>MUNI. ZERO</title>
                <cusip>592643BP4</cusip>
                <identifiers>
                    <isin value="US592643BP41"/>
                </identifiers>
                <balance>3700000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2300307.76</valUSD>
                <pctVal>0.474927837284</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>0</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>METROPOLITAN PIER  AND  EXPOSITION AUTHORITY</name>
                <lei>254900I3VDCQ58UGBR15</lei>
                <title>MUNI. ZERO</title>
                <cusip>592247J50</cusip>
                <identifiers>
                    <isin value="US592247J504"/>
                </identifiers>
                <balance>12000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>10104885.6</valUSD>
                <pctVal>2.086282343372</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2030-12-15</maturityDt>
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                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                    <isLoanByFund>N</isLoanByFund>
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                <name>LAKE COUNTY COMMUNITY CONSOLIDATED SCHOOL DISTRICT NO 73 HAWTHORN</name>
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                <curCd>USD</curCd>
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                <payoffProfile>Long</payoffProfile>
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                <fairValLevel>2</fairValLevel>
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                    <isPaidKind>N</isPaidKind>
                </debtSec>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>PUTNAM SHORT TERM INVESTMENT FUND</name>
                <lei>5493003MK0Q7JP8CPP42</lei>
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                <cusip>74676P664</cusip>
                <identifiers>
                    <isin value="US74676P6640"/>
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                <balance>25758716</balance>
                <units>NS</units>
                <curCd>USD</curCd>
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                <pctVal>5.318215020537</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>PF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>MORGAN STANLEY AND CO. INTERNATIONAL</name>
                <lei>4PQUHN3JPFGFNF3BB653</lei>
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                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2529517"/>
                </identifiers>
                <balance>6500000</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>9652.5</valUSD>
                <pctVal>0.001992881574</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <swapDeriv derivCat="SWP">
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                            <counterpartyName>MORGAN STANLEY AND CO. INTERNATIONAL</counterpartyName>
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                        <pmntCurCd>USD</pmntCurCd>
                        <upfrontRcpt>0</upfrontRcpt>
                        <rcptCurCd>USD</rcptCurCd>
                        <notionalAmt>6500000</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>9652.5</unrealizedAppr>
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                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>MORGAN STANLEY AND CO. INTERNATIONAL</name>
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                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2520157"/>
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                <balance>5000000</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>71795</valUSD>
                <pctVal>0.014822992241</pctVal>
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                <assetCat>DIR</assetCat>
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                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <swapDeriv derivCat="SWP">
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                            <counterpartyName>MORGAN STANLEY AND CO. INTERNATIONAL</counterpartyName>
                            <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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                        <fixedRecDesc amount="0" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.15"/>
                        <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Municipal Market Data Index AAA municipal yields 10 Year rate" floatingRtSpread="0" pmntAmt="0">
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<rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
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                        <terminationDt>2021-11-18</terminationDt>
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                        <pmntCurCd>USD</pmntCurCd>
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                        <rcptCurCd>USD</rcptCurCd>
                        <notionalAmt>5000000</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>71795</unrealizedAppr>
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            <invstOrSec>
                <name>MORGAN STANLEY AND CO. INTERNATIONAL</name>
                <lei>4PQUHN3JPFGFNF3BB653</lei>
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                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2520160"/>
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                <balance>2500000</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>60035</valUSD>
                <pctVal>0.012394990447</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <swapDeriv derivCat="SWP">
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                            <counterpartyName>MORGAN STANLEY AND CO. INTERNATIONAL</counterpartyName>
                            <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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                        <swapFlag>Y</swapFlag>
                        <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Municipal Market Data Index AAA municipal yields 30 Year rate" floatingRtSpread="0" pmntAmt="0">
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                            </rtResetTenors>
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                        <fixedPmntDesc amount="0" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.7"/>
                        <terminationDt>2021-11-18</terminationDt>
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                        <pmntCurCd>USD</pmntCurCd>
                        <upfrontRcpt>0</upfrontRcpt>
                        <rcptCurCd>USD</rcptCurCd>
                        <notionalAmt>2500000</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-60035</unrealizedAppr>
                    </swapDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MORGAN STANLEY AND CO. INTERNATIONAL</name>
                <lei>4PQUHN3JPFGFNF3BB653</lei>
                <title>Spread Swap</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2519913"/>
                </identifiers>
                <balance>5000000</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>76795</valUSD>
                <pctVal>0.015855305928</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <swapDeriv derivCat="SWP">
                        <counterparties>
                            <counterpartyName>MORGAN STANLEY AND CO. INTERNATIONAL</counterpartyName>
                            <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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                        <swapFlag>Y</swapFlag>
                        <fixedRecDesc amount="0" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.16"/>
                        <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Municipal Market Data Index AAA municipal yields 10 Year rate" floatingRtSpread="0" pmntAmt="0">
                            <rtResetTenors>
<rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
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                        </floatingPmntDesc>
                        <terminationDt>2021-11-18</terminationDt>
                        <upfrontPmnt>0</upfrontPmnt>
                        <pmntCurCd>USD</pmntCurCd>
                        <upfrontRcpt>0</upfrontRcpt>
                        <rcptCurCd>USD</rcptCurCd>
                        <notionalAmt>5000000</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>76795</unrealizedAppr>
                    </swapDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MORGAN STANLEY AND CO. INTERNATIONAL</name>
                <lei>4PQUHN3JPFGFNF3BB653</lei>
                <title>Spread Swap</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2520155"/>
                </identifiers>
                <balance>2500000</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>60035</valUSD>
                <pctVal>0.012394990447</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <swapDeriv derivCat="SWP">
                        <counterparties>
                            <counterpartyName>MORGAN STANLEY AND CO. INTERNATIONAL</counterpartyName>
                            <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
                        </counterparties>
                        <swapFlag>Y</swapFlag>
                        <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Municipal Market Data Index AAA municipal yields 30 Year rate" floatingRtSpread="0" pmntAmt="0">
                            <rtResetTenors>
<rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
                            </rtResetTenors>
                        </floatingRecDesc>
                        <fixedPmntDesc amount="0" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.7"/>
                        <terminationDt>2021-11-18</terminationDt>
                        <upfrontPmnt>0</upfrontPmnt>
                        <pmntCurCd>USD</pmntCurCd>
                        <upfrontRcpt>0</upfrontRcpt>
                        <rcptCurCd>USD</rcptCurCd>
                        <notionalAmt>2500000</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-60035</unrealizedAppr>
                    </swapDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNITED STATES OF AMERICA</name>
                <lei>254900HROIFWPRGM1V77</lei>
                <title>U.S. T BILLS</title>
                <cusip>912796M48</cusip>
                <identifiers>
                    <isin value="US912796M481"/>
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                <balance>800000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>799904.66</valUSD>
                <pctVal>0.165150505864</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>UST</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2021-10-19</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>0</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
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                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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                <name>UNITED STATES OF AMERICA</name>
                <lei>254900HROIFWPRGM1V77</lei>
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                <cusip>912796L56</cusip>
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                <balance>200000</balance>
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                <curCd>USD</curCd>
                <valUSD>199984.17</valUSD>
                <pctVal>0.0412892792</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>UST</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2021-09-28</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>0</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WASHINGTON HEALTH CARE FACILITIES AUTHORITY</name>
                <lei>549300ZVPWQIL3N5TL85</lei>
                <title>VARIABLE RATE MUNI BOND</title>
                <cusip>93978HRL1</cusip>
                <identifiers>
                    <isin value="US93978HRL14"/>
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                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1503595.2</valUSD>
                <pctVal>0.310436381124</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-01-01</maturityDt>
                    <couponKind>Floating</couponKind>
                    <annualizedRt>1.16</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>COUNTY OF SAN BERNARDINO CA</name>
                <lei>254900RTS8DDNPA7MX91</lei>
                <title>VARIABLE RATE MUNI BOND</title>
                <cusip>796839AQ1</cusip>
                <identifiers>
                    <isin value="US796839AQ18"/>
                </identifiers>
                <balance>1125000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1119157.65</valUSD>
                <pctVal>0.231064352143</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2023-08-01</maturityDt>
                    <couponKind>Floating</couponKind>
                    <annualizedRt>.33</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ILLINOIS FINANCE AUTHORITY</name>
                <lei>549300ZG6UBPNNNRN315</lei>
                <title>VARIABLE RATE MUNI BOND</title>
                <cusip>45204E2L1</cusip>
                <identifiers>
                    <isin value="US45204E2L19"/>
                </identifiers>
                <balance>3915000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3914999.61</valUSD>
                <pctVal>0.808301536897</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2034-11-01</maturityDt>
                    <couponKind>Floating</couponKind>
                    <annualizedRt>.568</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>METROPOLITAN TRANSPORTATION AUTHORITY</name>
                <lei>5493000TKYODLXADQD60</lei>
                <title>VARIABLE RATE MUNI BOND</title>
                <cusip>59259N8P1</cusip>
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                    <isin value="US59259N8P17"/>
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                <balance>3315000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3315084.86</valUSD>
                <pctVal>0.684441495329</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <couponKind>Floating</couponKind>
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                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
        </invstOrSecs>
        <signature>
            <ncom:dateSigned>2021-09-24</ncom:dateSigned>
            <ncom:nameOfApplicant>Putnam Investments Inc</ncom:nameOfApplicant>
            <ncom:signature>Janet C. Smith</ncom:signature>
            <ncom:signerName>NPORT</ncom:signerName>
            <ncom:title>Principal Financial Officer</ncom:title>
        </signature>
    </formData>
    <documents>XXXX</documents>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>3
<FILENAME>b_582nport073121.htm
<DESCRIPTION>QUARTERLY PORTFOLIO HOLDINGS
<TEXT>
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<tr>
<td></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 24px; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam
Municipal Opportunities Trust</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-weight: bold; font-size: 20px; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
fund's portfolio</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-weight: bold; font-size: 16px; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 15"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7/31/21
(Unaudited)</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 36; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Key
to holding's abbreviations</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ABAG&nbsp;&mdash;
Association Of Bay Area Governments</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AGM&nbsp;&mdash;
Assured Guaranty Municipal Corporation</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AMBAC&nbsp;&mdash;
AMBAC Indemnity Corporation</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BAM&nbsp;&mdash;
Build America Mutual</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FRB&nbsp;&mdash;
Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap
or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period.</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">G.O.
Bonds&nbsp;&mdash; General Obligation Bonds</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NATL&nbsp;&mdash;
National Public Finance Guarantee Corporation</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PSFG&nbsp;&mdash;
Permanent School Fund Guaranteed</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q-SBLF&nbsp;&mdash;
Qualified School Board Loan Fund</FONT></td>
</tr></table>
<br><br><br><br>


<BR><BR>
<HR noshade align="center" width=100% size=2>
<BR><BR>
<Table style="WIDTH: 95%" border=0 cellSpacing=0  cellPadding=0>
<tr>
   <TD STYLE="width: 5%"></td>
   <TD STYLE="width: 56%"></td>
   <TD STYLE="width: 1%"><TD STYLE="text-align: left; width: 10%"><TD STYLE="text-align: left; width: 2%"><TD STYLE="text-align: left; width: 12%"></td>
   <TD STYLE="text-align: left; width: 14%"></td>
</tr>

<tr>
<TD STYLE="text-align: left"></td>
<TD COLSPAN="6" STYLE="border-bottom: Black 0pt solid; font-weight: bold; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 36; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MUNICIPAL
BONDS AND NOTES (137.1%)<B><I><SUP>(a)</SUP></I></B></FONT></td>
</tr>

<tr>
<TD STYLE="border-bottom: Black 0pt solid; font-weight: bold; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Rating<B><I><SUP>(RAT)</SUP></I></B></FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal
amount</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Value</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Alabama
(1.5%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Black
Belt Energy Gas Dist. Mandatory Put Bonds (12/1/23), Ser. A, 4.00%, 12/1/48</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$1,700,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$1,836,920</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jefferson
Cnty., Swr. Rev. Bonds, Ser. D, 6.50%, 10/1/53</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,344,608</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jefferson,
Cnty. Rev. Bonds, (Refunding warrants)</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
9/15/34</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,075,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,544,948</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
9/15/33</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">275,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">337,448</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,063,924</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Alaska
(1.3%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AK
State Indl. Dev. &amp; Export Auth. Rev. Bonds, (Tanana Chiefs Conference), Ser. A</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
10/1/49</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A+/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,708,526</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
10/1/44</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A+/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,180,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,787,173</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,495,699</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Arizona
(2.8%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AZ
Indl. Dev. Auth. Student Hsg. Rev. Bonds, (NCCU Properties, LLC Central U.), BAM, 5.00%, 6/1/49</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,466,183</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AZ
State Indl. Dev. Auth. Rev. Bonds, (Equitable School Revolving Fund, LLC Oblig. Group), 4.00%, 11/1/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,855,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,340,724</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AZ
State Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.), Ser. D, 5.00%, 7/1/51</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">510,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">591,804</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Maricopa
Cnty., Indl. Dev. Auth. Ed. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Reid
Traditional Schools Painted Rock Academy), 5.00%, 7/1/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">350,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">403,748</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Horizon
Cmnty. Learning Ctr.), 5.00%, 7/1/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">750,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">835,766</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Phoenix,
Indl. Dev. Auth. Ed. Rev. Bonds, (Great Hearts Academies), 3.75%, 7/1/24</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">300,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">316,721</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Phoenix,
Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.), 5.00%, 7/1/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,123,940</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Salt
Verde, Fin. Corp. Gas Rev. Bonds, 5.50%, 12/1/29</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,350,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,793,523</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Yavapai
Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds, (Yavapai Regl. Med. Ctr.), 5.00%, 8/1/34</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">593,229</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Yuma,
Indl. Dev. Auth. Hosp. Rev. Bonds, (Yuma Regl. Med. Ctr.), Ser. A, 5.00%, 8/1/32</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,065,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,333,075</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13,798,713</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">California
(7.2%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ABAG
Fin. Auth. for Nonprofit Corps. Rev. Bonds, (Episcopal Sr. Cmntys.), Ser. A, 5.00%, 7/1/32</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">550,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">568,426</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CA
Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Aster
Apt.), Ser. A-1, 4.00%, 2/1/56</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB+/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">550,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">631,473</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Stoneridge
Apt.), Ser. A, 4.00%, 2/1/56</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,125,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,364,414</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CA
Hsg. Fin. Agcy. Muni. Certif. Rev. Bonds, Ser. 21-1, Class A, 3.50%, 11/20/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,090,074</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,491,994</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CA
State G.O. Bonds 4.00%, 11/1/33<B><I><SUP>(T)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,966,643</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CA
State Muni. Fin. Auth Mobile Home Park Rev. Bonds, (Caritas Affordable Hsg., Inc.), 5.25%, 8/15/39</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">400,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">440,128</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CA
State Poll. Control Fin. Auth. Rev. Bonds, (San Jose Wtr. Co.)</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.10%,
6/1/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,511,015</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.75%,
11/1/46</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">750,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">861,093</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CA
State Pub. Wks. Board Rev. Bonds, (Various Cap. Projects.), Ser. A, 5.00%, 8/1/33<B><I><SUP>(WIS)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,953,020</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CA
Statewide Cmnty. Dev. Auth. Rev. Bonds, (899 Charleston, LLC), Ser. A, 5.25%, 11/1/44</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">450,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">489,344</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CSCDA
Cmnty. Impt. Auth. Rev. Bonds, (Pasadena Portfolio), Ser. A-2, 3.00%, 12/1/56</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB-/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,635,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,703,879</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Golden
State Tobacco Securitization Corp. Rev. Bonds, Ser. A-2, 5.00%, 6/1/47</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,581,351</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Los
Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds, (Laxfuel Corp.), 4.50%, 1/1/27</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">600,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">610,235</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">North
Natomas, Cmnty. Fac. Special Tax Bonds, (Dist. No. 4), Ser. E, 5.00%, 9/1/30</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,250,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,359,966</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">San
Bernardino Cnty., FRB, Ser. C, 0.33%, 8/1/23</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,125,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,119,158</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sunnyvale,
Cmnty. Fac. Dist. Special Tax Bonds, 7.65%, 8/1/21</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">B+/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">80,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">80,000</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">34,732,139</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Colorado
(3.3%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CO
State Hlth. Fac. Auth. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Valley
View Hosp. Assn.), 5.00%, 5/15/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,147,408</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Covenant
Retirement Cmnty.), Ser. A, 5.00%, 12/1/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,134,049</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CO
State Hlth. Fac. Auth. Hosp. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Christian
Living Neighborhood), 5.00%, 1/1/37</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">550,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">597,076</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Covenant
Living Cmnty. and Svcs. Oblig. Group), 4.00%, 12/1/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,700,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,126,548</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Park
Creek, Metro. Dist. Tax Allocation Bonds, (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">200,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">229,629</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pub.
Auth. for CO Energy Rev. Bonds, (Natural Gas Purchase), 6.50%, 11/15/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,250,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,560,172</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Regl.
Trans. Dist. Rev. Bonds, (Denver Transit Partners, LLC)</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
7/15/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">800,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">969,097</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
7/15/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,225,581</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.00%,
7/15/37</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">850,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">927,243</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sterling
Ranch Cmnty. Auth. Board Rev. Bonds, (Metro. Dist. No. 2), Ser. A, 4.25%, 12/1/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">550,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">617,505</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Vauxmont,
Metro. Dist. G.O. Bonds, AGM</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
12/1/33</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">255,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">329,244</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
12/15/32</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">160,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">185,670</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
12/15/31</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">135,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">156,866</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
12/1/30</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">215,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">280,332</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
12/1/29</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">210,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">274,596</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
12/15/28</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">130,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">152,267</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
12/1/28</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">210,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">269,027</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
12/1/27</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">200,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">250,393</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
12/15/26</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">135,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">158,765</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
12/1/26</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">190,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">231,724</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15,823,192</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Connecticut
(0.7%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CT
State Special Tax, 4.00%, 5/1/39</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,700,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,058,752</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Harbor
Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,165,032</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,223,784</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">District
of Columbia (2.4%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">DC
Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Ingleside
at Rock Creek), Ser. A, 5.00%, 7/1/52</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB-/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">539,074</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Two
Rivers Pub. Charter School, Inc.), 5.00%, 6/1/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,770,998</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Latin
American Montessori Bilingual Pub. Charter School Oblig. Group), 5.00%, 6/1/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,430,917</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Two
Rivers Pub. Charter School, Inc.), 5.00%, 6/1/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,792,782</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Metro.
Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds, (Metrorail), Ser. A, zero %, 10/1/37</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,700,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,300,308</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Metro.
Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds, (Dulles Metrorail &amp; Cap. Impt. Proj.)</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
B, 4.00%, 10/1/44<B><I><SUP>(T)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,285,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,517,199</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
10/1/53<B><I><SUP>(T)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,290,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,512,526</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,863,804</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Florida
(4.4%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FL
State Higher Edl. Fac. Financial Auth. Rev. Bonds, (Florida Inst. of Tech., Inc.), 4.00%, 10/1/39</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">800,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">905,103</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Halifax
Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,250,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,655,765</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Lakeland,
Hosp. Syst. Rev. Bonds, (Lakeland Regl. Hlth.), 5.00%, 11/15/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,350,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,539,630</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Miami-Dade
Cnty., Aviation Rev. Bonds, Ser. A</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
10/1/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,663,454</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
10/1/32</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,790,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,304,381</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Orange
Cnty., Hlth. Fac. Auth. Rev. Bonds, (Presbyterian Retirement Cmntys.), 5.00%, 8/1/34</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,350,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,513,680</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pinellas
Cnty., Indl. Dev. Auth. Rev. Bonds, (2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AAA/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">607,204</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Southeast
Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">360,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">396,483</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Village,
144A Special Assmt., (Village Cmnty. Dev. Dist. No. 13), 3.00%, 5/1/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB-/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,647,223</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Volusia
Cnty., Edl. Fac. Auth. Rev. Bonds, (Embry-Riddle Aeronautical University, Inc.), Ser. A</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
10/15/39</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">600,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">703,471</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
10/15/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">590,391</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">21,526,785</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Georgia
(3.5%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Atlanta,
Tax Alloc. Bonds, (Atlantic Station), 5.00%, 12/1/22</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,625,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,718,681</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Gainesville
&amp; Hall Cnty., Dev. Auth. Edl. Fac. Rev. Bonds, (Riverside Military Academy), 5.00%, 3/1/37</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,100,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,126,280</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Geo
L Smith II GA Congress Ctr. Rev. Bonds, (Signia Hotel Mgt., LLC.), 4.00%, 1/1/54</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,600,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,869,297</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Muni.
Election Auth. of GA Rev. Bonds, (Plant Vogtle Units 3 &amp; 4)</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 5.50%, 7/1/60</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,088,442</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AGM,
5.00%, 1/1/62</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,249,035</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
1/1/56</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">650,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">802,164</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 5.00%, 1/1/56</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,236,608</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
1/1/51</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,300,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,668,665</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
1/1/51</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">581,409</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
1/1/51</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">425,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">491,337</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AGM,
4.00%, 1/1/46</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">800,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">938,924</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16,770,842</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Hawaii
(0.5%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">HI
State Harbor Syst. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
C, 4.00%, 7/1/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">300,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">364,859</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 4.00%, 7/1/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,700,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,053,644</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,418,503</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Illinois
(20.3%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chicago,
G.O. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 6.00%, 1/1/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,920,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,407,328</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
G-07, 5.50%, 1/1/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,175,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,641,799</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 5.00%, 1/1/27</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,850,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,253,209</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chicago,
Board of Ed. G.O. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
C, 5.25%, 12/1/39</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,250,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,532,141</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
H, 5.00%, 12/1/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">610,610</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(School
Reform), Ser. B-1, NATL, zero %, 12/1/21</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,494,920</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chicago,
Motor Fuel Tax Rev. Bonds, 5.00%, 1/1/29</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">527,999</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chicago,
O'Hare Intl. Arpt. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
C, 5.375%, 1/1/39</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,250,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,332,754</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
C, 5.25%, 1/1/28</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,320,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,407,397</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
C, 5.25%, 1/1/27</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,125,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,266,320</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 5.00%, 1/1/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">100,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">124,995</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 5.00%, 1/1/37</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">300,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">375,708</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chicago,
Trans. Auth. Sales Tax Rev. Bonds, 5.25%, 12/1/49</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,468,433</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chicago,
Waste Wtr. Transmission Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
C, 5.00%, 1/1/39</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">900,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,028,903</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2nd
Lien), 5.00%, 1/1/39</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,835,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,025,924</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, NATL, zero %, 1/1/24</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,600,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,579,180</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IL
State G.O. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.50%,
7/1/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,280,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,467,007</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.50%,
5/1/30</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,250,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,683,005</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
11/1/41</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,168,004</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
1/1/41</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">572,511</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
2/1/39</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">300,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">330,743</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 5.00%, 5/1/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,828,073</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
1/1/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,153,964</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 5.00%, 12/1/31</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,750,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,049,771</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
C, 5.00%, 11/1/29</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,850,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,275,442</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
2/1/29</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,425,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,723,427</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 5.00%, 12/1/28</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,099,975</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
D, 5.00%, 11/1/28</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,250,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,784,858</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
D, 5.00%, 11/1/27</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,243,176</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 4.00%, 3/1/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,790,015</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IL
State Fin. Auth. Mandatory Put Bonds (9/1/22), (Field Museum of Natural History), 0.568%, 11/1/34</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,915,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,915,000</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IL
State Fin. Auth. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Lifespace
Cmntys, Inc.), Ser. A, 5.00%, 5/15/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,025,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,156,849</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Riverside
Hlth.Syst.), 4.00%, 11/15/34</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">567,498</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IL
State Fin. Auth. Academic Fac. Rev. Bonds, (U. of Illinois at Urbana-Champaign), Ser. A</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
10/1/44</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,100,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,372,923</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
10/1/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">600,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">769,486</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
10/1/34</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">643,626</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IL
State Fin. Auth. Student Hsg. &amp; Academic Fac. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(U.
of IL Chicago), 5.00%, 2/15/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,322,128</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(U.
of IL-CHF-Chicago, LLC), Ser. A, 5.00%, 2/15/37</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,176,540</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Lake
Cnty., Cmnty. Cons. School Dist. No. 73 Hawthorn G.O. Bonds, NATL</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">zero
%, 12/1/21</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,300,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,298,113</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">zero
%, 12/1/21 (Escrowed to maturity)</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">505,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">504,868</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Metro.
Pier &amp; Exposition Auth. Rev. Bonds, (McCormick Place Expansion)</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
12/15/42<B><I><SUP>(WIS)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,164,097</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
B, stepped-coupon zero % (4.700%, 6/15/31), 12/15/37<B><I><SUP>(STP)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">905,545</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Metro.
Pier &amp; Exposition Auth. Dedicated State Tax Rev. Bonds, (McCormick), Ser. A, NATL, zero %, 12/15/30</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,104,886</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Metro.
Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds, (Green Bond), Ser. E, 5.00%, 12/1/30</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,310,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,616,946</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Railsplitter
Tobacco Settlement Auth. Rev. Bonds, 5.00%, 6/1/24</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,700,857</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales
Tax Securitization Corp. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
C, 5.50%, 1/1/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,542,519</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 5.00%, 1/1/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,400,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,804,352</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 4.00%, 1/1/39</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,380,741</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 4.00%, 1/1/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">596,556</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Southern
IL U. Rev. Bonds, (Hsg. &amp; Auxiliary), Ser. A, NATL, zero %, 4/1/25</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,870,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,759,834</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">98,550,955</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Indiana
(1.3%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Hammond,
Multi-School Bldg. Corp. Rev. Bonds, 5.00%, 7/15/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,750,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,150,215</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IN
Bk. Special Program Gas Rev. Bonds, Ser. A, 5.25%, 10/15/21</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">180,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">181,764</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IN
State Fin. Auth. Rev. Bonds, (BHI Sr. Living), 5.75%, 11/15/41 (Prerefunded 11/15/21)</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,015,913</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IN
State Fin. Auth. Hosp. Mandatory Put Bonds (11/1/26), (Goshen Hlth. Oblig. Group), Ser. B, 2.10%, 11/1/49</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,700,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,857,899</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,205,791</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Iowa
(0.3%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IA
Tobacco Settlement Auth. Rev. Bonds, Ser. B-1, Class 2, 4.00%, 6/1/49</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,250,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,476,879</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,476,879</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Kentucky
(3.0%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">KY
Pub. Trans. Infrastructure Auth. Rev. Bonds, (1st Tier Downtown Crossing), Ser. A, 6.00%, 7/1/53</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,105,083</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">KY
State Property &amp; Bldg. Comm. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(No.
119), 5.00%, 5/1/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,235,610</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(No.
122), Ser. A, 4.00%, 11/1/34</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">750,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">876,939</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">KY
State Pub. Energy Auth.</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Gas
Supply Mandatory Put Bonds (6/1/25), Ser. C-1, 4.00%, 12/1/49</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,186,603</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Gas
Supply Mandatory Put Bonds (1/1/25), Ser. B, 4.00%, 1/1/49</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,336,606</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Louisville,
Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
7/1/32</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,030,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,159,584</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
7/1/31</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">385,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">433,675</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14,334,100</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Louisiana
(1.0%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">LA
State Offshore Term. Auth. Deepwater Port Mandatory Put Bonds (12/1/23), (Loop, LLC), Ser. A, 1.65%, 9/1/33</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,600,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,626,916</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">St.
John The Baptist Parish Mandatory Put Bonds (7/1/26), (Marathon Oil Corp.), Ser. A-3, 2.20%, 6/1/37</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,010,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,167,857</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,794,773</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Maryland
(1.5%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baltimore
Cnty., Rev. Bonds, (Oak Crest Village, Inc.)</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
1/1/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,322,597</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
1/1/45</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,750,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,039,293</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Gaithersburg,
Econ. Dev. Rev. Bonds, (Asbury, Oblig. Group), Ser. A, 5.00%, 1/1/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">450,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">504,517</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MD
Econ. Dev. Corp. Rev. Bonds, (Morgan State U.), 4.25%, 7/1/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,350,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,579,961</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MD
State Hlth. &amp; Higher Ed. Fac. Auth. Rev. Bonds, (Stevenson U.), 4.00%, 6/1/46</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">750,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">885,505</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,331,873</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Massachusetts
(4.9%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MA
State Dev. Fin. Agcy. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Milford
Regl. Med. Ctr. Oblig. Group), Ser. F, 5.75%, 7/15/43</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">535,472</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Loomis
Cmntys.), Ser. A, 5.75%, 1/1/28</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,100,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,194,269</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Intl.
Charter School), 5.00%, 4/15/33</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,094,737</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Suffolk
U.), 4.00%, 7/1/51</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,773,450</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Atrius
Hlth. Oblig. Group), Ser. A, 4.00%, 6/1/49</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,470,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,248,474</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Lasell
U.), 4.00%, 7/1/45</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,200,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,398,361</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Linden
Ponds, Inc.), Ser. B, zero %, 11/15/56</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">B-/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">187,307</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">130,238</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MA
State Dev. Fin. Agcy. 144A Rev. Bonds, (Linden Ponds, Inc. Fac.), 5.00%, 11/15/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,410,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,588,464</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MA
State Edl. Fin. Auth. Rev. Bonds, (Ed. Loan - Issue 1)</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
1/1/27</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">800,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">914,872</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.375%,
1/1/32</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">100,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">103,708</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MA
State Trans. Fund Rev. Bonds, (Rail Enhancement &amp; Accelerated Bridge Program), 5.00%, 6/1/48<B><I><SUP>(T)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,822,714</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">23,804,759</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Michigan
(8.9%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Detroit,
G.O. Bonds, AMBAC, 5.25%, 4/1/24</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">222,425</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">222,675</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Detroit,
City School Dist. G.O. Bonds, Ser. A, AGM, 6.00%, 5/1/29</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,245,866</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Kentwood,
Economic Dev. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/37</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB-/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,750,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,011,930</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MI
State Bldg. Auth. Rev. Bonds, Ser. I, 4.00%, 10/15/49</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,630,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,490,622</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MI
State Fin. Auth. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
H-1, 5.00%, 10/1/39 (Prerefunded 10/1/24)</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,575,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,793,025</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(MidMichigan
Hlth.), 5.00%, 6/1/39 (Prerefunded 6/1/24)</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,137,414</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Local
Govt. Loan Program - Detroit Wtr. &amp; Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,100,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,283,058</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Local
Govt. Loan Program - Detroit Wtr. &amp; Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/34</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,900,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,216,993</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Local
Govt. Loan Program - Detroit Wtr. &amp; Swr. Dept. (DWSD)), Ser. D-2, 5.00%, 7/1/34</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,166,839</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Local
Govt. Program Detroit Wtr. &amp; Swr.), Ser. D4, 5.00%, 7/1/34</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">100,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">113,108</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Detroit
Wtr. &amp; Swr.), Ser. C-6, 5.00%, 7/1/33</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">850,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">962,216</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Detroit),
Ser. C-3, 5.00%, 4/1/27</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">750,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">926,267</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Trinity
Health Corp. Oblig. Group), Ser. A, 4.00%, 12/1/49<B><I><SUP>(T)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,575,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,046,331</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MI
State Hosp. Fin. Auth. Rev. Bonds, (Trinity Health Corp. Oblig. Group) Ser. A, U.S. Govt. Coll, 5.00%, 12/1/47 (Prerefunded 12/1/22)<B><I><SUP>(T)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,057,256</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MI
State Hsg. Dev. Auth. Rev. Bonds, (Rental Hsg.), Ser. D, 3.95%, 10/1/37 (Prerefunded 4/1/22)</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,050,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,076,567</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pontiac
City, G.O. Bonds, (Pontiac School Dist.), Q-SBLF</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
5/1/45<B><I><SUP>(T)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,423,529</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,298,479</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
5/1/50<B><I><SUP>(T)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,976,471</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,953,009</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">43,001,655</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mississippi
(0.4%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MS
State Bus. Fin. Corp. Rev. Bonds, (System Energy Resources, Inc.), 2.375%, 6/1/44</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,025,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,049,747</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,049,747</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Missouri
(3.6%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Kansas
City, Indl. Dev. Auth. Arpt. Special Oblig. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Kansas
City Intl. Arpt. Terminal), Ser. B, 5.00%, 3/1/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,300,043</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AGM,
4.00%, 3/1/57</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,933,086</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MO
State Dev. Fin. Board Infrastructure Fac. Rev. Bonds, (City of Independence), 4.00%, 3/1/51</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,739,530</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">St.
Louis, Muni. Fin. Corp. Rev. Bonds, AGM, 5.00%, 10/1/45</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,529,162</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17,501,821</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Nebraska
(1.7%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Central
Plains Energy Project Gas Supply Mandatory Put Bonds (8/1/25), 4.00%, 12/1/49</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,150,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,438,027</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Central
Plains, Energy Mandatory Put Bonds (1/1/24), (No. 4), 5.00%, 3/1/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,250,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,807,679</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,245,706</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Nevada
(1.2%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">North
Las Vegas, G.O. Bonds, AGM, 4.00%, 6/1/34</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,600,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,266,397</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sparks,
Tourism Impt. Dist. No. 1 144A Rev. Bonds, Ser. A</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.75%,
6/15/28</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ba2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,200,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,256,999</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.50%,
6/15/24</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ba2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">330,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">336,459</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,859,855</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">New
Hampshire (2.0%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">National
Fin. Auth. Rev. Bonds, (Caritas Acquisitions VII, LLC), Ser. A</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.50%,
8/15/55</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,540,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,731,775</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.25%,
8/15/46</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,210,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,293,014</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.125%,
8/15/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,070,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,146,693</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NH
State Hlth. &amp; Ed. Fac. Auth. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Catholic
Med. Ctr.), 5.00%, 7/1/44</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,172,713</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Elliot
Hosp.), 5.00%, 10/1/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">592,795</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Southern
NH Med. Ctr.), 5.00%, 10/1/37</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,965,378</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,902,368</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">New
Jersey (8.8%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Bayonne,
G.O. Bonds, (Qualified Gen. Impt.), BAM, 5.00%, 7/1/39 (Prerefunded 7/1/26)</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,300,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,588,398</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NJ
State Econ. Dev. Auth. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(NYNJ
Link Borrower, LLC), 5.375%, 1/1/43</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">559,884</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
WW, 5.25%, 6/15/32</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,767,451</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
EEE, 5.00%, 6/15/48</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,714,428</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
AAA, 5.00%, 6/15/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">750,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">903,135</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Biomedical
Research), Ser. A, 5.00%, 7/15/29</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">400,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">480,402</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
B, 5.00%, 11/1/26</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,489,300</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
6/15/26</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">516,178</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NJ
State Econ. Dev. Auth. Special Fac. Rev. Bonds, (Port Newark Container Term., LLC), 5.00%, 10/1/37</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,370,323</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NJ
State Hlth. Care Fac. Fin. Auth. Rev. Bonds, (St. Peter's U. Hosp.), 5.75%, 7/1/37</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ba1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,504,778</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NJ
State Trans. Trust Fund Auth. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
AA, 5.00%, 6/15/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,225,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,535,472</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
AA, 5.00%, 6/15/37<B><I><SUP>(WIS)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">600,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">760,975</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 5.00%, 12/15/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,258,348</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 5.00%, 12/15/34</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,920,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,208,514</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Federal
Hwy. Reimbursement Notes), 5.00%, 6/15/30</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,900,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,254,347</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 4.00%, 6/15/42<B><I><SUP>(WIS)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,148,964</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 4.00%, 6/15/39<B><I><SUP>(WIS)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,739,572</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 4.00%, 6/15/38<B><I><SUP>(WIS)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,750,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,362,666</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">South
Jersey, Trans. Auth. Syst. Rev. Bonds, Ser. A, 5.00%, 11/1/45</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,350,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,256,778</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">42,419,913</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">New
Mexico (0.5%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sante
Fe, Retirement Fac. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(El
Castillo Retirement Residences), Ser. A, 5.00%, 5/15/44</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB+/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">975,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,112,098</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(El
Castillo Retirement Res.), 5.00%, 5/15/42</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB+/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,460,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,489,230</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,601,328</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">New
York (11.6%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Metro.
Trans. Auth. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Green
Bond), Ser. C-1, 5.00%, 11/15/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,879,096</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
C-1, 4.00%, 11/15/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,172,897</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Metro.
Trans. Auth. Dedicated Tax Mandatory Put Bonds (6/1/22), Ser. A-2A, 0.47%, 11/1/26</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,315,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,315,085</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NY
City, Transitional Fin. Auth. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
C-1, 5.00%, 5/1/41</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AAA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,315,964</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Future
Tax), 4.00%, 5/1/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AAA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">608,497</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Future
Tax), Ser. C-1, 4.00%, 5/1/40<B><I><SUP>(T)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AAA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,825,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14,392,094</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
C-1, 4.00%, 5/1/39</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AAA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">609,711</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
5/1/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AAA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">700,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">855,734</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NY
State Dorm. Auth. Personal Income Tax Rev. Bonds, Ser. D</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
2/15/47</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,750,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,610,481</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
2/15/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,795,376</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
2/15/39</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,200,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,438,971</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NY
State Dorm. Auth. Sales Tax Rev. Bonds, Ser. A, Group C, 5.00%, 3/15/42<B><I><SUP>(T)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,845,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13,323,007</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NY
State Liberty Dev. Corp. 144A Rev. Bonds, (3 World Trade Ctr., LLC), Class 1-3, 5.00%, 11/15/44</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB-/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,220,004</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NY
State Trans. Special Fac. Dev. Corp. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Laguardia
Arpt. Term. B Redev. Program), Ser. A, 5.00%, 7/1/41</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,126,093</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Delta
Air Lines, Inc.), 5.00%, 10/1/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,575,908</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Port
Auth. of NY &amp; NJ Rev. Bonds, Ser. 207, 5.00%, 9/15/31</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,150,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,932,717</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">56,171,635</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">North
Carolina (1.6%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NC
State Cap. Fac. Fin. Agcy. Edl. Fac. Rev. Bonds, (High Point U.), 4.00%, 5/1/34</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">900,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,095,301</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NC
State Med. Care Comm. Hlth. Care Fac. Rev. Bonds, (Lutheran Svcs. for the Aging, Inc. Oblig. Group), 4.00%, 3/1/51</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,250,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,481,748</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NC
State Med. Care Comm. Retirement Fac. Rev. Bonds, (Maryfield, Inc. Oblig. Group), 5.00%, 10/1/45</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">570,476</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NC
State Tpk. Auth. Rev. Bonds, (Triangle Expressway Auth.), AGM, 5.00%, 1/1/49</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,800,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,550,263</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,697,788</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ohio
(8.8%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Akron,
Income Tax Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
12/1/37</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">525,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">601,439</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
12/1/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">655,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">751,742</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
12/1/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,260,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,447,772</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Buckeye,
Tobacco Settlement Fin. Auth. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
B-2, Class 2, 5.00%, 6/1/55</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,155,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,067,225</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A-2, Class 1, 4.00%, 6/1/48</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,250,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,463,494</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cleveland-Cuyahoga
Cnty., Port Auth. Cultural Fac. Rev. Bonds, (Playhouse Square Foundation), 5.50%, 12/1/53</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">603,568</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Franklin
Cnty., Hlth. Care Fac. Rev. Bonds, (Ohio Living)</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.00%,
7/1/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,060,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,107,839</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.00%,
7/1/35 (Prerefunded 7/1/22)</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AAA/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">65,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">68,411</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Franklin
Cnty., Hosp. Fac. Rev. Bonds, (Nationwide Children's Hosp.), Ser. A, 4.00%, 11/1/44</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,050,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,345,540</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Lake
Cnty., Hosp. Fac. Rev. Bonds, (Lake Hosp. Syst., Inc.), Ser. C, 6.00%, 8/15/43</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">495,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">496,768</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Lancaster,
Port Auth. Mandatory Put Bonds (2/1/25), Ser. A, 5.00%, 8/1/49</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,850,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,281,711</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Northeast
Ohio Regl. Swr. Dist. Rev. Bonds, U.S. Govt. Coll., 5.00%, 11/15/44 (Prerefunded 11/15/24)<B><I><SUP>(T)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,584,238</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">OH
State Higher Edl. Fac. Comm. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(John
Carroll U.), 4.00%, 10/1/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,014,729</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Kenyon
College 2020), 4.00%, 7/1/44</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,555,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,155,674</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">OH
State Private Activity Rev. Bonds, (Portsmouth Bypass), AGM, 5.00%, 12/31/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,125,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,289,557</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Scioto
Cnty., Hosp. Rev. Bonds, (Southern OH Med. Ctr.)</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
2/15/33</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">605,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">712,126</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
2/15/32</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">745,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">878,814</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Southeastern
OH Port Auth. Hosp. Fac. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.75%,
12/1/32</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB-/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">625,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">655,993</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Memorial
Hlth. Syst. Oblig. Group), 5.50%, 12/1/43</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB-/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">120,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">130,938</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Warren
Cnty., Hlth. Care Fac. Rev. Bonds, (Otterbein Homes Oblig. Group)</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
7/1/33</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">552,345</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
7/1/32</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">250,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">276,427</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">42,486,350</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Oregon
(1.5%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Clackamas
Cnty., Hosp. Fac. Auth. Rev. Bonds, (Rose Villa, Inc.), Ser. A, 5.25%, 11/15/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,117,252</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Gilliam
Cnty., Solid Waste Disp. Mandatory Put Bonds (5/2/22), (Waste Management, Inc.), Ser. A, 2.40%, 7/1/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,250,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,288,472</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Keizer,
Special Assmt. Bonds, (Keizer Station), Ser. A, 5.20%, 6/1/31</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,260,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,264,718</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Multnomah
Cnty., Hosp. Fac. Auth. Rev. Bonds, (Terwilliger Plaza, Inc.), 5.00%, 12/1/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB+/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">650,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">752,696</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Salem,
Hosp. Fac. Auth. Rev. Bonds, (Salem Hlth.), Ser. A, 5.00%, 5/15/33</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,782,918</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,206,056</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pennsylvania
(5.0%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cumberland
Cnty., Muni. Auth. Rev. Bonds, (Diakon Lutheran Social Ministries)</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
1/1/32</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">200,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">231,250</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
1/1/31</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,159,507</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Lancaster
Cnty., Hosp. &amp; Hlth. Ctr. Auth. Rev. Bonds, (St. Anne's Retirement Cmnty.)</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
3/1/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB+/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">572,270</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
3/1/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB+/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">577,943</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Lancaster
Cnty., Hosp. Auth. Hlth. Care Fac. Rev. Bonds, (Moravian Manors, Inc.), Ser. A, 5.00%, 6/15/44</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB+/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,142,436</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PA
State Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds, (Amtrak), Ser. A, 5.00%, 11/1/32</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,053,675</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PA
State Econ. Dev. Fin. Auth. Solid Waste Disp. Mandatory Put Bonds (8/1/24), (Waste Management, Inc.), Ser. A, 1.75%, 8/1/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,202,195</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PA
State Higher Edl. Fac. Auth. Rev. Bonds, (Gwynedd Mercy College), Ser. KK1, 5.375%, 5/1/42</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">512,618</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PA
State Tpk. Comm. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 5.00%, 12/1/44</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,400,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,075,332</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
B, 4.00%, 12/1/51</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,395,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,671,923</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
B, 4.00%, 12/1/46</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,340,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,614,051</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 4.00%, 12/1/45</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">593,722</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">zero
%, 12/1/44</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,385,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,049,452</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Philadelphia,
Gas Wks. Rev. Bonds, 5.00%, 8/1/32</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,173,011</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Westmoreland
Cnty., Muni. Auth. Rev. Bonds, BAM, 5.00%, 8/15/27</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">450,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">533,462</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">24,162,847</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Rhode
Island (0.6%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tobacco
Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB-/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,750,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,074,675</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,074,675</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">South
Carolina (2.5%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SC
State Pub. Svcs. Auth. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 5.50%, 12/1/54</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,528,610</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
E, 5.50%, 12/1/53</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,025,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,141,515</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
B, 5.00%, 12/1/56</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">210,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">251,585</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 5.00%, 12/1/55</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,304,853</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
C, 5.00%, 12/1/46</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,120,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,277,780</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
A, 5.00%, 12/1/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,392,279</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,896,622</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">South
Dakota (0.2%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Lincoln
Cnty., Econ. Dev. Rev. Bonds, (Augustana College Assn. (The)), 4.00%, 8/1/51</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,137,956</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,137,956</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tennessee
(2.0%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Greeneville,
Hlth. &amp; Edl. Facs. Board Hosp. Rev. Bonds, (Ballad Hlth. Oblig. Group), Ser. A, 4.00%, 7/1/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,796,430</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Memphis-Shelby
Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 7/1/49</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,200,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,541,529</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Metro.
Govt. Nashville &amp; Davidson Cnty., Hlth. &amp; Edl. Fac. Board Rev. Bonds, (Blakeford at Green Hills Oblig. Group), Ser. A, 4.00%,
11/1/45</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB-/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,250,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,450,365</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,788,324</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Texas
(9.1%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Arlington,
Higher Ed. Fin. Corp. Rev. Bonds, (Uplift Ed.), Ser. A</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
12/1/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">591,103</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PSFG,
5.00%, 12/1/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AAA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">611,318</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Austin-Bergstrom
Landhost Enterprises, Inc. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
10/1/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,045,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,220,881</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%,
10/1/34</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">530,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">619,997</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Central
TX Regl. Mobility Auth. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Sr.
Lien), Ser. A, 5.00%, 1/1/33 (Prerefunded 1/1/23)</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">425,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">454,609</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
B, 4.00%, 1/1/51</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,775,027</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ser.
B, 4.00%, 1/1/41</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">750,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">904,328</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Clifton,
Higher Ed. Fin. Corp. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Intl.
Leadership), Ser. D, 6.125%, 8/15/48</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB-/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,150,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,346,078</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(IDEA
Pub. Schools), 5.00%, 8/15/28</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">300,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">358,801</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Harris
Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(YMCA
of the Greater Houston Area), Ser. A, 5.00%, 6/1/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,550,742</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Brazos
Presbyterian Homes, Inc.), 5.00%, 1/1/37</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB-/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,124,087</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(YMCA
of the Greater Houston Area), Ser. A, 5.00%, 6/1/33</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">800,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">831,116</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Love
Field, Gen. Arpt. Modernization Corp. Rev. Bonds, 5.00%, 11/1/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,171,896</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Matagorda
Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,846,275</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">New
Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Wesleyan
Homes, Inc.), 5.50%, 1/1/43</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB-/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">527,755</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(TX
Woman's U. CHF-Collegiate Hsg. Dining), Ser. B-1, AGM, 4.125%, 7/1/53</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,136,032</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Woman's
U.-Collegiate Hsg. Denton, LLC), Ser. A-1, AGM, 4.125%, 7/1/53</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,136,032</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Children's
Hlth. Syst. of TX), Ser. A, 4.00%, 8/15/34</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">600,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">693,002</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">North
TX, Tollway Auth. Rev. Bonds, (1st Tier), Ser. I, 6.50%, 1/1/43 (Prerefunded 1/1/25)</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,842,522</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tarrant
Cnty., Cultural Ed. Fin. Corp. Retirement Fac. Rev. Bonds, (Buckner Retirement Svcs.), Ser. B, 5.00%, 11/15/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,348,721</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">TX
Private Activity Surface Trans. Corp. Rev. Bonds, (Segment 3C), 5.00%, 6/30/58</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,730,809</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">TX
State Muni. Pwr. Agcy. Rev. Bonds, (Syst. Net/Transmission Converting Security), 5.00%, 9/1/42 (Prerefunded 8/3/21)</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,400,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,400,000</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">TX
State Private Activity Bond Surface Trans. Corp. Rev. Bonds, (Blueridge Trans. Group, LLC (SH 288 Toll Lane)), 5.00%, 12/31/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,263,204</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">TX
State Transportation Commission G.O. Bonds, 5.00% 10/1/44 (Prerefunded 10/1/24)<B><I><SUP>(T)</SUP></I></B></FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AAA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,855,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,360,093</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Uptown
Dev. Auth. Tax Alloc. Bonds, Ser. A, 5.00%, 9/1/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">300,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">343,564</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">44,187,992</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Utah
(0.4%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mida
Mountain Village Pub. Infrastructure Dist. 144A Special Assmt. Bonds, (Mountain Village Assmt. Area No. 2), 4.00%, 8/1/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">B/P</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,625,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,727,533</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,727,533</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Virginia
(1.9%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fairfax
Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds, (Goodwin House, Inc.), Ser. A, 5.00%, 10/1/42</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">425,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">479,139</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Small
Bus. Fin. Auth. Private Activity Rev. Bonds, (Transform 66-P3), 5.00%, 12/31/52</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa3</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,250,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,128,007</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">VA
State Small Bus. Fin. Auth. Rev. Bonds, (National Sr. Campuses, Inc. Oblig. Group), 4.00%, 1/1/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,440,333</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,047,479</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Washington
(2.1%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">King
Cnty., Public Hosp. Dist. No. 1 G.O. Bonds, (Valley Med. Ctr.), 5.00%, 12/1/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,365,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,964,757</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Port
of Seattle, Rev. Bonds, Ser. C, 5.00%, 4/1/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A1</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">875,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">982,329</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tobacco
Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,310,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,312,987</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">WA
State Hlth. Care Fac. Auth. Mandatory Put Bonds (7/1/22), (Fred Hutchinson Cancer Research Ctr.), Ser. B, 1.16%, 1/1/42</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,503,595</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">WA
State Hsg. Fin. Comm. Rev. Bonds, (Social Certif.), Ser. A-1, 3.50%, 12/20/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,698,807</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,188,527</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,952,195</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Wisconsin
(2.8%)</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pub.
Fin. Auth. Arpt. Fac. Rev. Bonds, (Sr. Oblig. Group), 5.25%, 7/1/28</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">350,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">363,411</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pub.
Fin. Auth. Higher Ed. Fac. Rev. Bonds, (Gannon U.), 5.00%, 5/1/42</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,100,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,284,953</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pub.
Fin. Auth. Student Hsg. Fac. Rev. Bonds, (Appalachian State U.), Ser. A, AGM</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
7/1/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">700,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">795,407</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
7/1/45</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">600,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">684,278</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
7/1/40</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">575,398</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
7/1/38</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">435,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">503,571</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
7/1/36</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">340,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">395,237</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
7/1/34</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">300,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">350,036</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">WI
State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Hmong
American Peace Academy, Ltd.), 5.00%, 3/15/50</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,241,234</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Three
Pillars Sr. Living), 5.00%, 8/15/33 (Prerefunded 8/15/23)</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">430,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">472,417</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Three
Pillars Sr. Living Cmnty.), 4.00%, 8/15/46</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">850,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">999,619</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Three
Pillars Sr. Living Cmnty.), 4.00%, 8/15/41</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,645,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,964,179</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Advocate
Aurora Hlth. Oblig. Group), Ser. A, 4.00%, 8/15/35</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,555,863</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">WI
State Pub. Fin. Auth Sr. Living 144A Rev. Bonds, (Mary's Woods at Marylhurst), Ser. A, 5.25%, 5/15/37</FONT></td>
<TD></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB/F</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">250,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">277,481</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13,463,084</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="text-align: left"></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD COLSPAN="4" STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total municipal bonds and notes (cost $603,266,769)</FONT>   </td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$663,799,444</FONT></td>
</tr></table>
<br><br><br><br>


<BR><BR>
<HR noshade align="center" width=100% size=2>
<BR><BR>
<TABLE style="WIDTH: 95%" border=0 cellSpacing=0  cellPadding=0>
<tr>
   <td width=5%></td>
   <td width=56%></td>
   <td width=2%></td>
   <td width=2%></td>
   <td width=11%></td>
   <td width=12%></td>
   <td width=12%></td>
</tr>

<tr>
<td></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 36; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SHORT-TERM
INVESTMENTS (5.5%)<B><I><SUP>(a)</SUP></I></B></FONT></td>
</tr>

<tr>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<td COLSPAN=2 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal
amount/<BR>shares</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Value</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam
Short Term Investment Fund Class P 0.09%<B><I><SUP>(AFF)</SUP></I></B></FONT></td>
<td></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Shares</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">25,758,716</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$25,758,716</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">U.S.
Treasury Bills 0.018%, 9/28/21<B><I><SUP>(SEG)</SUP></I></B></FONT></td>
<td></td>
<td></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$200,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">199,984</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">U.S.
Treasury Cash Management Bills 0.043%, 10/19/21<B><I><SUP>(SEG)(SEGCCS)</SUP></I></B></FONT></td>
<td></td>
<td></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">800,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">799,905</FONT></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
short-term investments (cost $26,758,635)</FONT></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$26,758,605</FONT></td>
</tr>

<tr>
<td></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 18; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">TOTAL
INVESTMENTS</FONT></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
investments (cost $630,025,404)</FONT></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$690,558,049</FONT></td>
</tr></table>
<br><br><br><br>


<BR><BR>
<HR noshade align="center" width=100% size=2>
<BR><BR>
<Table style="WIDTH: 95%" border=0 cellSpacing=0  cellPadding=0>
<tr>
   <td width=5%></td>
   <td width=30%></td>
   <td width=13%></td>
   <td width=13%></td>
   <td width=13%></td>
   <td width=13%></td>
   <td width=13%></td>
</tr>

<tr>
<td></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 36; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FUTURES
CONTRACTS OUTSTANDING at 7/31/21 (Unaudited)</FONT></td>
</tr>

<tr>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Number
of contracts</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Notional<BR>amount</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Value</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3; padding-left: 10"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Expiration
date</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unrealized<BR>appreciation/<BR>(depreciation)</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">U.S.
Treasury Note 5 yr (Short)</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">275</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$34,222,461</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$34,222,461</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3; padding-left: 10"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sep-21</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$(176,775)</FONT></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<td></td>
<TD COLSPAN="3" STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unrealized appreciation</FONT>  </td>
<td></td>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<td></td>
<TD COLSPAN="3" STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unrealized (depreciation)</FONT>  </td>
<td></td>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(176,775)</FONT></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total</FONT></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$(176,775)</FONT></td>
</tr></table>
<br><br><br><br>


<BR><BR>
<HR noshade align="center" width=100% size=2>
<BR><BR>
<br>
<br><TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<tr>
   <TD STYLE="width: 5%"></td>
   <TD STYLE="width: 5%"></td>
   <TD STYLE="width: 4%"></td>
   <TD STYLE="width: 9%"></td>
   <TD STYLE="width: 1%"></td>
   <TD STYLE="width: 10%"></td>
   <TD STYLE="width: 1%"></td>
   <TD STYLE="width: 8%"></td>
   <TD STYLE="width: 14%"></td>
   <TD STYLE="width: 1%"></td>
   <TD STYLE="width: 29%"></td>
   <TD STYLE="width: 12%"></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=11 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 36; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">OTC
TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 7/31/21 (Unaudited)</FONT></td>
</tr>

<tr>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<td COLSPAN=2 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Swap
counterparty/<BR>notional amount</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Value</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Upfront
premium received (paid)</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Termi-<BR>
nation<BR>date</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Payments
received<BR>(paid) by fund</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; padding: 6 6 3; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
return received by or paid by fund</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unrealized<BR>appreciation/<BR>(depreciation)</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=11 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Morgan
Stanley &amp; Co. International PLC</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$5,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$76,795</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11/18/21</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.10%
minus Municipal Market Data Index AAA municipal yields 10 Year rate&nbsp;&mdash; At maturity</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$76,795</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,000,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">71,795</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11/18/21</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.10%
minus Municipal Market Data Index AAA municipal yields 10 Year rate&nbsp;&mdash; At maturity</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">71,795</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,653</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11/2/21</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.10%
minus Municipal Market Data Index AAA municipal yields 10 Year rate&nbsp;&mdash; At maturity</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,653</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">60,035</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11/18/21</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.20%
minus Municipal Market Data Index AAA municipal yields 30 Year rate&nbsp;&mdash; At maturity</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(60,035)</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,500,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">60,035</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11/18/21</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.20%
minus Municipal Market Data Index AAA municipal yields 30 Year rate&nbsp;&mdash; At maturity</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(60,035)</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD COLSPAN="5" STYLE="border-bottom: Black 0pt solid; font-weight: bold; font-size: 11pt; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Upfront premium received</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
<td COLSPAN=5 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3; padding-left: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unrealized
appreciation</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">158,243</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD COLSPAN="5" STYLE="border-bottom: Black 0pt solid; font-weight: bold; font-size: 11pt; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Upfront premium (paid)</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
<td COLSPAN=5 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3; padding-left: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unrealized
(depreciation)</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(120,070)</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total</FONT></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&mdash;</FONT></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$38,173</FONT></td>
</tr></table>
<br><br><br><br>


<BR><BR>
<HR noshade align="center" width=100% size=2>
<BR><BR>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0  cellPadding=0>
<tr>
   <TD STYLE="width: 5%"></td>
   <TD STYLE="width: 1%"></td>
   <TD STYLE="width: 6%"></td>
   <TD STYLE="width: 10%"></td>
   <TD STYLE="width: 1%"></td>
   <TD STYLE="width: 14%"></td>
   <TD STYLE="width: 1%"></td>
   <TD STYLE="width: 8%"></td>
   <TD STYLE="width: 20%"></td>
   <TD STYLE="width: 1%"></td>
   <TD STYLE="width: 28%"></td>
   <TD STYLE="width: 12%"></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=11 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 36; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CENTRALLY
CLEARED TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 7/31/21 (Unaudited)</FONT></td>
</tr>

<tr>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<td COLSPAN=2 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Notional amount</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Value</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Upfront
premium received (paid)</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Termi-<BR>
nation<BR>date</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Payments
received<BR>(paid) by fund</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; padding: 6 6 3; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
return received by or paid by fund</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unrealized<BR>appreciation/<BR>(depreciation)</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$28,158,000</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$883,598</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$(284)</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3/29/26</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.51%&nbsp;&mdash;
At maturity</FONT></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">USA
Non-revised Consumer Price Index- Urban (CPI-U)&nbsp;&mdash; At maturity</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$(883,882)</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total</FONT></td>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$(284)</FONT></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$(883,882)</FONT></td>
</tr></table>
<br><br><br><br>


<BR><BR>
<HR noshade align="center" width=100% size=2>
<BR><BR>
<br>
<br>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%">
<tr>
   <TD STYLE="width: 5%"></td>
   <TD STYLE="width: 40%"></td>
   <TD STYLE="width: 9%"></td>
   <TD STYLE="width: 9%"></td>
   <TD STYLE="width: 9%"></td>
   <TD STYLE="width: 11%"></td>
   <TD STYLE="width: 12%"></td>
   </tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 14pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 36; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Notes
to the fund's portfolio</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unless
noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from May 1,&nbsp;2021
through July 31,&nbsp;2021(the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent
Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to
"ASC 820" represent Accounting Standards Codification 820 <I>Fair Value Measurements and Disclosures</I> and references to "OTC", if
any, represent over-the-counter.</FONT></td>
</tr>

<tr>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><SUP>(a)</SUP></I></B></FONT></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Percentages
indicated are based on net assets of $484,348,341.</FONT></td>
</tr>

<tr>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><SUP>(RAT)</SUP></I></B></FONT></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Moody's, Standard &amp; Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting
period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time
to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would
ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by
Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard &amp; Poor's classifications. If a security
is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer.</FONT></td>
</tr>

<tr>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><SUP>(STP)</SUP></I></B></FONT></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest
at this rate.</FONT></td>
</tr>

<tr>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><SUP>(AFF)</SUP></I></B></FONT></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Affiliated
company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield
of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or
control were as follows:</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; padding: 0 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Name
of affiliate</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Fair
value<BR>as of<BR>4/30/21</B></FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Purchase<BR>cost</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sale<BR>proceeds</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investment<BR>income</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Shares
outstanding<BR>and fair<BR>value as of<BR>7/31/21</B></FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Short-term
investments</FONT></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam
Short Term Investment Fund*</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$9,451,627</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$40,662,672</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$24,355,583</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$4,694</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$25,758,716</FONT></td>
</tr>

<tr>
<TD></td>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
Short-term investments</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$9,451,627</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$40,662,672</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$24,355,583</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$4,694</FONT></td>
<TD STYLE="font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$25,758,716</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 25"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">*
Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized
gains or losses during the period.</FONT></td>
</tr>

<tr>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><SUP>(SEG)</SUP></I></B></FONT></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the
close of the reporting period. Collateral at period end totaled $226,977.</FONT></td>
</tr>

<tr>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><SUP>(SEGCCS)</SUP></I></B></FONT></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
security, in part or in entirety, was pledged and segregated with the custodian for collateral on the initial margin on certain centrally
cleared derivative contracts at the close of the reporting period. Collateral at period end totaled $709,929.</FONT></td>
</tr>

<tr>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><SUP>(WIS)</SUP></I></B></FONT></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">When-issued
security (Note 1).</FONT></td>
</tr>

<tr>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><SUP>(T)</SUP></I></B></FONT></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Underlying
security in a tender option bond transaction. This security has been segregated as collateral for financing transactions.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">At
the close of the reporting period, the fund maintained liquid assets totaling $134,009,944 to cover certain derivative contracts, tender
option bonds and the settlement of certain securities.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unless
otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Debt
obligations are considered secured unless otherwise indicated.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">144A
after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended.
These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent
the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality
and the current SIFMA Municipal Swap Index, 1 Month US LIBOR or 3 Month US LIBOR rates, which were 0.02%, 0.09% and 0.12%, respectively,
as of the close of the reporting period.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
dates shown on debt obligations are the original maturity dates.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):</FONT></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Healthcare</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">22.20%</FONT></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transportation</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20.2</FONT></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tax
bonds</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18.3</FONT></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">State
debt</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17.5</FONT></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Utilities</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13.1</FONT></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; padding: 6 6 3 15; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Education</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11.5</FONT></td>
<TD></td>
<TD></td>
<TD></td>
<TD></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 28; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Security
valuation:</B> Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees.
The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for
valuing the fund&#8217;s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal
Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of
the fund and reporting to the Pricing Committee.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tax-exempt
bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees.
Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable
securities and various relationships between securities in determining value. These securities will generally be categorized as Level
2.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investments
in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities,
are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less
their liabilities and divided by the number of their outstanding shares.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Certain
investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures
approved by the Trustees. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the
reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations
and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security
events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S.
swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities
are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally
determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable
period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not
reflect an actual market price, which may be different by a material amount.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Futures
contracts:</B> The fund used futures contracts for hedging treasury term structure risk and for yield curve positioning.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments.
In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the
contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures,
there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange&#8217;s clearinghouse, as counterparty
to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain
or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Futures
contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree
to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known
as &#8220;variation margin&#8221;.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
the fund's average number of futures contracts, see the appropriate table at the end of these footnotes.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total
return swap contracts:</B> The fund entered into OTC and/or centrally cleared total return swap contracts, which are arrangements to
exchange a market-linked return for a periodic payment, both based on a notional principal amount, for hedging sector exposure and for
gaining exposure to specific sectors.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">To
the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short
of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally
cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker.
Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared
total return swaps are settled through a central clearing agent and are recorded as unrealized gain or loss. Payments received or made
are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective
dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or
market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the
possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The
fund&#8217;s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be
mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally
cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to
centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event
of a clearing member default.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
the fund's average notional amount on total return swap contracts, see the appropriate table at the end of these footnotes.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Master
agreements:</B> The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements)
with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements
may contain provisions regarding, among other things, the parties&#8217; general obligations, representations, agreements, collateral
requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master
Agreements, collateral posted to the fund is held in a segregated account by the fund&#8217;s custodian and, with respect to those amounts
which can be sold or repledged, is presented in the fund&#8217;s portfolio.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Collateral
pledged by the fund is segregated by the fund&#8217;s custodian and identified in the fund&#8217;s portfolio. Collateral can be in the
form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the
applicable counterparty. Collateral requirements are determined based on the fund&#8217;s net position with each counterparty.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Termination
events applicable to the fund may occur upon a decline in the fund&#8217;s net assets below a specified threshold over a certain period
of time. Termination events applicable to counterparties may occur upon a decline in the counterparty&#8217;s long-term and short-term
credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement
of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early
termination, as reasonably determined by the terminating party. Any decision by one or more of the fund&#8217;s counterparties to elect
early termination could impact the fund&#8217;s future derivative activity.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">At
the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master
Agreements.</FONT></td>
</tr>

<tr>
<TD></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Tender
option bond transactions:</B> The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond
trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued
to third parties and allowing the fund to retain the residual interest in the TOB trust&#8217;s assets and cash flows, which are in the
form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders
of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the
fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing
by including the fixed-rate bond in The fund&#8217;s portfolio and including the floating rate bond as a liability in the Statement of
assets and liabilities. At the close of the reporting period, the fund&#8217;s investments with a value of $97,833,589 were held by the
TOB trust and served as collateral for $57,675,677 in floating-rate bonds outstanding. During the reporting period, the fund incurred
interest expense of $10,840 for these investments based on an average interest rate of 0.07%.</FONT></td>
</tr></table>
<br><br><br><br>


<BR><BR>
<HR noshade align="center" width=100% size=2>
<BR><BR>
<Table style="WIDTH: 95%" border=0 cellSpacing=0  cellPadding=0>
<tr>
   <td width=5%></td>
   <td width=50%></td>
   <td width=15%></td>
   <td width=15%></td>
   <td width=15%></td>
</tr>

<tr>
<td></td>
<td COLSPAN=4 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ASC
820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency
of inputs to the valuation of the fund's investments. The three levels are defined as follows:</FONT></td>
</tr>

<tr>
<td></td>
<td  COLSPAN=4 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3; padding-left: 15"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Level
1:</B> Valuations based on quoted prices for identical securities in active markets.</FONT></td>
</tr>

<tr>
<td></td>
<td  COLSPAN=4 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3; padding-left: 15"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Level
2:</B> Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly
or indirectly.</FONT></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>

<tr>
<td></td>
<td  COLSPAN=4 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3; padding-left: 15"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Level
3:</B> Valuations based on inputs that are unobservable and significant to the fair value measurement.</FONT></td>
</tr>

<tr>
<td></td>
<td COLSPAN=4 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-size: 11pt; text-align: center; vertical-align: bottom; padding-right: 6pt; padding-top: 18pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Valuation
inputs</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investments
in securities:</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Level
1</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Level
2</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Level
3</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Municipal
bonds and notes</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&mdash;</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$663,799,444</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&mdash;</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Short-term
investments</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">26,758,605</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
</tr>

<tr>
<td></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Totals
by level</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&mdash;</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$690,558,049</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&mdash;</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></td>
<TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-size: 11pt; text-align: center; vertical-align: bottom; padding-right: 6pt; padding-top: 18pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Valuation
inputs</FONT></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other
financial instruments:</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Level
1</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Level
2</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Level
3</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Futures
contracts</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(176,775)</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
return swap contracts</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(845,425)</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></td>
</tr>

<tr>
<td></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><HR SIZE="2" NOSHADE ALIGN="RIGHT" WIDTH="60%"></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Totals
by level</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$(176,775)</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$(845,425)</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&mdash;</FONT></td>
</tr>

<tr>
<td></td>
<td COLSPAN=4 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was
based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3; padding-left: 15"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Futures
contracts (number of contracts)</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">300</FONT></td>
<td></td>
<td></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3; padding-left: 15"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">OTC
total return swap contracts (notional)</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$22,900,000</FONT></td>
<td></td>
<td></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3; padding-left: 15"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Centrally
cleared total return swap contracts (notional)</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$28,200,000</FONT></td>
<td></td>
<td></td>
</tr>

<tr>
<td></td>
<TD COLSPAN="4" STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: top; padding-right: 6pt; padding-top: 18pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities
and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com</FONT></td>
</tr></table><BR><BR>

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