<SEC-DOCUMENT>0000869392-22-002178.txt : 20220926
<SEC-HEADER>0000869392-22-002178.hdr.sgml : 20220926
<ACCEPTANCE-DATETIME>20220926162146
ACCESSION NUMBER:		0000869392-22-002178
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220731
FILED AS OF DATE:		20220926
DATE AS OF CHANGE:		20220926
PERIOD START:           	20230430

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:		221265979

	BUSINESS ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon">
    <headerData>
        <submissionType>NPORT-P</submissionType>
        <isConfidential>false</isConfidential>
        <filerInfo>

            <filer>
                <issuerCredentials>
                    <cik>0000900422</cik>
                    <ccc>XXXXXXXX</ccc>
                </issuerCredentials>
            </filer>




        </filerInfo>
    </headerData>
    <formData>
        <genInfo>
            <regName>Putnam Municipal Opportunities Trust</regName>
            <regFileNumber>811-07626</regFileNumber>
            <regCik>0000900422</regCik>
            <regLei>549300M74BR4G95PSL96</regLei>
            <regStreet1>100 FEDERAL STREET</regStreet1>
            <regCity>BOSTON</regCity>
            <regStateConditional regCountry="US" regState="US-MA"/>
            <regZipOrPostalCode>02110</regZipOrPostalCode>
            <regPhone>1-800-225-1581</regPhone>
            <seriesName>Putnam Municipal Opportunities Trust</seriesName>
            <seriesLei>549300M74BR4G95PSL96</seriesLei>
            <repPdEnd>2023-04-30</repPdEnd>
            <repPdDate>2022-07-31</repPdDate>
            <isFinalFiling>N</isFinalFiling>
        </genInfo>
        <fundInfo>
            <totAssets>622268711.5099999973</totAssets>
            <totLiabs>220017947.41</totLiabs>
            <netAssets>402250764.1</netAssets>
            <assetsAttrMiscSec>0.00</assetsAttrMiscSec>
            <assetsInvested>0.00</assetsInvested>
            <amtPayOneYrBanksBorr>59571940.91</amtPayOneYrBanksBorr>
            <amtPayOneYrCtrldComp>0.00</amtPayOneYrCtrldComp>
            <amtPayOneYrOthAffil>0.00</amtPayOneYrOthAffil>
            <amtPayOneYrOther>0.00</amtPayOneYrOther>
            <amtPayAftOneYrBanksBorr>0.00</amtPayAftOneYrBanksBorr>
            <amtPayAftOneYrCtrldComp>0.00</amtPayAftOneYrCtrldComp>
            <amtPayAftOneYrOthAffil>0.00</amtPayAftOneYrOthAffil>
            <amtPayAftOneYrOther>0.00</amtPayAftOneYrOther>
            <delayDeliv>12774729.3</delayDeliv>
            <standByCommit>0</standByCommit>
            <liquidPref>138821153.27</liquidPref>
            <cshNotRptdInCorD>0</cshNotRptdInCorD>
            <curMetrics>
                <curMetric>
                    <curCd>USD</curCd>
                    <intrstRtRiskdv01 period10Yr="178043.87" period1Yr="22516.46" period30Yr="65411.4" period3Mon="1107.39" period5Yr="100736.88"/>
                    <intrstRtRiskdv100 period10Yr="178046.28" period1Yr="22516.46" period30Yr="65411.44" period3Mon="1107.39" period5Yr="100736.94"/>
                </curMetric>
            </curMetrics>
            <creditSprdRiskInvstGrade period10Yr="166701.94" period1Yr="20769.95" period30Yr="62859.18" period3Mon="845.55" period5Yr="94152.88"/>
            <creditSprdRiskNonInvstGrade period10Yr="14291.33" period1Yr="1863.3" period30Yr="8124.39" period3Mon="266.38" period5Yr="6896.22"/>
            <isNonCashCollateral>N</isNonCashCollateral>
            <returnInfo>
                <monthlyTotReturns>
                    <monthlyTotReturn rtn1="5.22" rtn2="2.01" rtn3="9.1"/>
                </monthlyTotReturns>
                <monthlyReturnCats>
                    <commodityContracts>
                        <mon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </commodityContracts>
                    <creditContracts>
                        <mon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </creditContracts>
                    <equityContracts>
                        <mon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </equityContracts>
                    <foreignExchgContracts>
                        <mon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </foreignExchgContracts>
                    <interestRtContracts>
                        <mon1 netRealizedGain="63270" netUnrealizedAppr="-194875.73"/>
                        <mon2 netRealizedGain="71820" netUnrealizedAppr="52767.45"/>
                        <mon3 netRealizedGain="-749492.25" netUnrealizedAppr="899462.17"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="0" netUnrealizedAppr="-130968.75"/>
                            <instrMon2 netRealizedGain="0" netUnrealizedAppr="46406.25"/>
                            <instrMon3 netRealizedGain="119507.75" netUnrealizedAppr="27296.88"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="63270" netUnrealizedAppr="-63906.98"/>
                            <instrMon2 netRealizedGain="71820" netUnrealizedAppr="6361.2"/>
                            <instrMon3 netRealizedGain="-869000" netUnrealizedAppr="872165.29"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </interestRtContracts>
                    <otherContracts>
                        <mon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </otherContracts>
                </monthlyReturnCats>
                <othMon1 netRealizedGain="341155.56" netUnrealizedAppr="17458954.63"/>
                <othMon2 netRealizedGain="-2833015.72" netUnrealizedAppr="-13966360.91"/>
                <othMon3 netRealizedGain="-936381.16" netUnrealizedAppr="0"/>
            </returnInfo>
            <mon1Flow redemption="0" reinvestment="84781.06" sales="-26746.8"/>
            <mon2Flow redemption="0" reinvestment="-0.01" sales="0"/>
            <mon3Flow redemption="160303.4" reinvestment="-0.01" sales="0"/>

        </fundInfo>
        <invstOrSecs>
            <invstOrSec>
                <name>CITY OF KEIZER OR</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>487595AQ3</cusip>
                <identifiers>
                    <isin value="US487595AQ34"/>
                </identifiers>
                <balance>1135000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1138117.62</valUSD>
                <pctVal>0.282937341970</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2031-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.2</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>SALT VERDE FINANCIAL CORP</name>
                <lei>549300VEWOZY6TQOIF03</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>79575EAQ1</cusip>
                <identifiers>
                    <isin value="US79575EAQ17"/>
                </identifiers>
                <balance>1350000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1530630.54</valUSD>
                <pctVal>0.380516502790</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>5.5</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>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>1603827.45</valUSD>
                <pctVal>0.398713338330</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>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>1005240.6</valUSD>
                <pctVal>0.249903962830</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>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>350590.8</valUSD>
                <pctVal>0.087157273842</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>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>1387713.79</valUSD>
                <pctVal>0.344987235290</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>801686.8</valUSD>
                <pctVal>0.199300255350</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>1501467.75</valUSD>
                <pctVal>0.373266599843</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>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>445173.58</valUSD>
                <pctVal>0.110670661123</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>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>485000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>485644.66</valUSD>
                <pctVal>0.120731817896</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>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>841890.08</valUSD>
                <pctVal>0.209294836738</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>410891.16</valUSD>
                <pctVal>0.102148012303</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>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>1400354.73</valUSD>
                <pctVal>0.348129787431</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>400365.23</valUSD>
                <pctVal>0.099531254066</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>1069847.1</valUSD>
                <pctVal>0.265965212619</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>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>3125322</valUSD>
                <pctVal>0.776958623557</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>371521.37</valUSD>
                <pctVal>0.092360637482</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>888635.73</valUSD>
                <pctVal>0.220915858790</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>104297.31</valUSD>
                <pctVal>0.025928430548</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>1871675.78</valUSD>
                <pctVal>0.465300739500</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>200000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>201210.34</valUSD>
                <pctVal>0.050021120644</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>259340.25</valUSD>
                <pctVal>0.064472282751</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>517991.45</valUSD>
                <pctVal>0.128773266885</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>59447PL74</cusip>
                <identifiers>
                    <isin value="US59447PL743"/>
                </identifiers>
                <balance>1575000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1647427.95</valUSD>
                <pctVal>0.409552472495</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>2013789.4</valUSD>
                <pctVal>0.500630347964</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>
                </debtSec>
                <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>473581.2</valUSD>
                <pctVal>0.117732827944</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>
                </debtSec>
                <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>10529082</valUSD>
                <pctVal>2.617541827063</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>
                </debtSec>
                <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>3949661.71</valUSD>
                <pctVal>0.981890418241</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>
                </debtSec>
                <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>59333PL63</cusip>
                <identifiers>
                    <isin value="US59333PL638"/>
                </identifiers>
                <balance>5000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5190160.5</valUSD>
                <pctVal>1.290279836165</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>
                </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>10743700</valUSD>
                <pctVal>2.670896107317</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>
                </debtSec>
                <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>222429.6</valUSD>
                <pctVal>0.055296252948</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>1386827.73</valUSD>
                <pctVal>0.344766959760</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>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>1037139.79</valUSD>
                <pctVal>0.257834137946</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>
                </debtSec>
                <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>2812403.28</valUSD>
                <pctVal>0.699166671887</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>SOUTHEASTERN OHIO PORT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>841895AW5</cusip>
                <identifiers>
                    <isin value="US841895AW56"/>
                </identifiers>
                <balance>120000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>122730.56</valUSD>
                <pctVal>0.030510957580</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>
                </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>19648AW27</cusip>
                <identifiers>
                    <isin value="US19648AW272"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1026243</valUSD>
                <pctVal>0.255125183490</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>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>1012383.8</valUSD>
                <pctVal>0.251679770520</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>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>1188846.56</valUSD>
                <pctVal>0.295548614472</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>914862.11</valUSD>
                <pctVal>0.227435766852</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-04-01</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>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>1052354.3</valUSD>
                <pctVal>0.261616482533</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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>
                    <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>57584XCF6</cusip>
                <identifiers>
                    <isin value="US57584XCF69"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1033001.6</valUSD>
                <pctVal>0.256805379180</pctVal>
                <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>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PHILADELPHIA GAS WORKS CO</name>
                <lei>549300H8UJ7V5WU5IA90</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>7178237Q5</cusip>
                <identifiers>
                    <isin value="US7178237Q59"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1071864.3</valUSD>
                <pctVal>0.266466690846</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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>
                    <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>626207H31</cusip>
                <identifiers>
                    <isin value="US626207H312"/>
                </identifiers>
                <balance>3500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3659773.95</valUSD>
                <pctVal>0.909823989567</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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>
                    <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>64577BJW5</cusip>
                <identifiers>
                    <isin value="US64577BJW54"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1645653</valUSD>
                <pctVal>0.409111217895</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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>
                    <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>167727WV4</cusip>
                <identifiers>
                    <isin value="US167727WV48"/>
                </identifiers>
                <balance>900000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>936554.31</valUSD>
                <pctVal>0.232828472581</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>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>1031886.2</valUSD>
                <pctVal>0.256528089464</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>
                </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>59447TGA5</cusip>
                <identifiers>
                    <isin value="US59447TGA51"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1065741.4</valUSD>
                <pctVal>0.264944530903</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>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>1171359.86</valUSD>
                <pctVal>0.291201400853</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>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>2024908.66</valUSD>
                <pctVal>0.503394608716</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>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>214040.52</valUSD>
                <pctVal>0.053210718065</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>
                </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>837151PS2</cusip>
                <identifiers>
                    <isin value="US837151PS29"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2103478.8</valUSD>
                <pctVal>0.522927235379</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>HALIFAX HOSPITAL MEDICAL CENTER</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>405815LG4</cusip>
                <identifiers>
                    <isin value="US405815LG47"/>
                </identifiers>
                <balance>2250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2376218.48</valUSD>
                <pctVal>0.590730631753</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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>
                </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>56681NAN7</cusip>
                <identifiers>
                    <isin value="US56681NAN75"/>
                </identifiers>
                <balance>750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>760383.98</valUSD>
                <pctVal>0.189032327061</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>2108460.2</valUSD>
                <pctVal>0.524165617116</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>785349.2</valUSD>
                <pctVal>0.195238709305</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>635930.14</valUSD>
                <pctVal>0.158092960102</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>2024740</valUSD>
                <pctVal>0.503352679648</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>1032676.9</valUSD>
                <pctVal>0.256724658388</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>666732.82</valUSD>
                <pctVal>0.165750541579</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>364919.94</valUSD>
                <pctVal>0.090719514434</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>1046203.2</valUSD>
                <pctVal>0.260087312038</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>209044.14</valUSD>
                <pctVal>0.051968612283</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>1455226.73</valUSD>
                <pctVal>0.361771029387</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>524900.5</valUSD>
                <pctVal>0.130490864616</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>218703.03</valUSD>
                <pctVal>0.054369823384</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>491394.42</valUSD>
                <pctVal>0.122161214808</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>837625.43</valUSD>
                <pctVal>0.208234639871</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>430457.56</valUSD>
                <pctVal>0.107012241720</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>326274.18</valUSD>
                <pctVal>0.081112134300</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>510223.5</valUSD>
                <pctVal>0.126842145631</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>552029.01</valUSD>
                <pctVal>0.137235043229</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>460918.32</valUSD>
                <pctVal>0.114584821493</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>1000740.1</valUSD>
                <pctVal>0.248785133383</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>1538695.76</valUSD>
                <pctVal>0.382521525706</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>1780915.68</valUSD>
                <pctVal>0.442737674839</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>527550.65</valUSD>
                <pctVal>0.131149694937</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>1604358.6</valUSD>
                <pctVal>0.398845382827</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>2627291.75</valUSD>
                <pctVal>0.653147733822</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>2058219.46</valUSD>
                <pctVal>0.511675711693</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>524613.65</valUSD>
                <pctVal>0.130419553378</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>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>778659.68</valUSD>
                <pctVal>0.193575686983</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>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>249724.45</valUSD>
                <pctVal>0.062081783874</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>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>550119</valUSD>
                <pctVal>0.136760212558</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>2290861.01</valUSD>
                <pctVal>0.569510667090</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>304281.31</valUSD>
                <pctVal>0.075644681665</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>11812699.35</valUSD>
                <pctVal>2.936650568316</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>10671599.999999998</valUSD>
                <pctVal>2.652971964858</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>1043336.6</valUSD>
                <pctVal>0.259374672000</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>
                </debtSec>
                <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>511078.14</valUSD>
                <pctVal>0.127054610112</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>1104111.05</valUSD>
                <pctVal>0.274483269776</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>561154.94</valUSD>
                <pctVal>0.139503759864</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>2011611.01</valUSD>
                <pctVal>0.500088797718</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>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>2463002.33</valUSD>
                <pctVal>0.612305196116</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>1102166.6</valUSD>
                <pctVal>0.273999877282</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>2038372.61</valUSD>
                <pctVal>0.506741762085</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>4408861.18</valUSD>
                <pctVal>1.096047931659</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>
                </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>527353.25</valUSD>
                <pctVal>0.131100621072</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>1003543.8</valUSD>
                <pctVal>0.249482136409</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>2737897</valUSD>
                <pctVal>0.680644325468</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>6201369.83</valUSD>
                <pctVal>1.541667632099</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>1007944.2</valUSD>
                <pctVal>0.250576080882</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>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>1976374.6</valUSD>
                <pctVal>0.491328985893</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>
                </debtSec>
                <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>608691.96</valUSD>
                <pctVal>0.151321517403</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>
                </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>64578CCE9</cusip>
                <identifiers>
                    <isin value="US64578CCE93"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2106677</valUSD>
                <pctVal>0.523722311557</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>1049038.7</valUSD>
                <pctVal>0.260792220581</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>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>3462202.49</valUSD>
                <pctVal>0.860707498654</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>1591125.3</valUSD>
                <pctVal>0.395555569313</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>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>1095908.8</valUSD>
                <pctVal>0.272444181045</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>
                </debtSec>
                <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>7768740</valUSD>
                <pctVal>1.931317648925</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>
                </debtSec>
                <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>522762.4</valUSD>
                <pctVal>0.129959330511</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>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>1889907.6</valUSD>
                <pctVal>0.469833190803</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>
                </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>97712DM86</cusip>
                <identifiers>
                    <isin value="US97712DM862"/>
                </identifiers>
                <balance>3000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3077862.6</valUSD>
                <pctVal>0.765160162439</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>
                </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>3814624.44</valUSD>
                <pctVal>0.948319998480</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>
                </debtSec>
                <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>470790.14</valUSD>
                <pctVal>0.117038967236</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>
                </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>6461364F5</cusip>
                <identifiers>
                    <isin value="US6461364F58"/>
                </identifiers>
                <balance>4920000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5365699.85</valUSD>
                <pctVal>1.333919119335</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>
                </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>6461364H1</cusip>
                <identifiers>
                    <isin value="US6461364H15"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1082050</valUSD>
                <pctVal>0.268998867515</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>
                </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>57584YMH9</cusip>
                <identifiers>
                    <isin value="US57584YMH98"/>
                </identifiers>
                <balance>1410000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1495402.01</valUSD>
                <pctVal>0.371758649942</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>
                </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>79467BCG8</cusip>
                <identifiers>
                    <isin value="US79467BCG86"/>
                </identifiers>
                <balance>3500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3965388</valUSD>
                <pctVal>0.985799991921</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>
                </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>64577B5G5</cusip>
                <identifiers>
                    <isin value="US64577B5G55"/>
                </identifiers>
                <balance>3000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3193184.4</valUSD>
                <pctVal>0.793829293810</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>
                </debtSec>
                <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>2572913.54</valUSD>
                <pctVal>0.639629248625</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>
                </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>167593K92</cusip>
                <identifiers>
                    <isin value="US167593K926"/>
                </identifiers>
                <balance>300000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>323873.61</valUSD>
                <pctVal>0.080515349853</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>107466.63</valUSD>
                <pctVal>0.026716327125</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>
                </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>6461364V0</cusip>
                <identifiers>
                    <isin value="US6461364V09"/>
                </identifiers>
                <balance>1225000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1320974.59</valUSD>
                <pctVal>0.328395793842</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>
                </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>57584YSK6</cusip>
                <identifiers>
                    <isin value="US57584YSK63"/>
                </identifiers>
                <balance>5470000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>6074239.72</valUSD>
                <pctVal>1.510062941357</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>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>569312.7</valUSD>
                <pctVal>0.141531788330</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>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>680308.08</valUSD>
                <pctVal>0.169125366740</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>
                </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>452017AR7</cusip>
                <identifiers>
                    <isin value="US452017AR78"/>
                </identifiers>
                <balance>1100000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1222951.07</valUSD>
                <pctVal>0.304027034662</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>
                </debtSec>
                <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>1006294.9</valUSD>
                <pctVal>0.250166063016</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>
                </debtSec>
                <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>2178358.4</valUSD>
                <pctVal>0.541542389577</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>48504NBE8</cusip>
                <identifiers>
                    <isin value="US48504NBE85"/>
                </identifiers>
                <balance>4455000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4676695.06</valUSD>
                <pctVal>1.162631740542</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2054-03-01</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>KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>549300QWDXL46XQC8110</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>48504NAX7</cusip>
                <identifiers>
                    <isin value="US48504NAX75"/>
                </identifiers>
                <balance>5925000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>6438801.19</valUSD>
                <pctVal>1.600693339740</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2035-03-01</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>FLORIDA HIGHER EDUCATIONAL FACILITIES FINANCIAL AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>34073TLN5</cusip>
                <identifiers>
                    <isin value="US34073TLN53"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1515853.95</valUSD>
                <pctVal>0.376843025617</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-03-01</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>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>515293.15</valUSD>
                <pctVal>0.128102466419</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>3086335.2</valUSD>
                <pctVal>0.767266460489</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>011903GL9</cusip>
                <identifiers>
                    <isin value="US011903GL95"/>
                </identifiers>
                <balance>5890000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5654712.17</valUSD>
                <pctVal>1.405767912623</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>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>3484389.17</valUSD>
                <pctVal>0.866223132676</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>800509.8</valUSD>
                <pctVal>0.199007651804</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>931328.09</valUSD>
                <pctVal>0.231529228312</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>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>1326011.02</valUSD>
                <pctVal>0.329647856100</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>687176.22</valUSD>
                <pctVal>0.170832794199</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>549260.93</valUSD>
                <pctVal>0.136546895375</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>1244766.65</valUSD>
                <pctVal>0.309450412800</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>2541550.7499999995</valUSD>
                <pctVal>0.631832423162</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 PIER  AND  EXPOSITION AUTHORITY</name>
                <lei>254900I3VDCQ58UGBR15</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>592250DN1</cusip>
                <identifiers>
                    <isin value="US592250DN11"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>945779.7</valUSD>
                <pctVal>0.235121915086</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-06-15</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>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>1213696.4999999998</valUSD>
                <pctVal>0.301726337976</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>763918.64</valUSD>
                <pctVal>0.189911047580</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>1102912.92</valUSD>
                <pctVal>0.274185413288</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>220000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>214803.12</valUSD>
                <pctVal>0.053400301297</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>292784.7</valUSD>
                <pctVal>0.072786611271</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>250872.49</valUSD>
                <pctVal>0.062367187931</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>92242SAV5</cusip>
                <identifiers>
                    <isin value="US92242SAV51"/>
                </identifiers>
                <balance>200000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>228128.46</valUSD>
                <pctVal>0.056712996061</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>174423.44</valUSD>
                <pctVal>0.043361866668</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>147392.58</valUSD>
                <pctVal>0.036641963957</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>246338.99</valUSD>
                <pctVal>0.061240154646</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>212645.15</valUSD>
                <pctVal>0.052863827487</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>142403.55</valUSD>
                <pctVal>0.035401685394</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>148273.89</valUSD>
                <pctVal>0.036861058631</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>507576.3</valUSD>
                <pctVal>0.126184048683</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>603107.52</valUSD>
                <pctVal>0.149933219232</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>1223787.84</valUSD>
                <pctVal>0.304235056641</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>1524280.8</valUSD>
                <pctVal>0.378937950164</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>2200000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2217967.62</valUSD>
                <pctVal>0.551389286969</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>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>1994704.78</valUSD>
                <pctVal>0.495885889605</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>1566040.14</valUSD>
                <pctVal>0.389319369847</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>
                </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>2500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2506934.5</valUSD>
                <pctVal>0.623226783822</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>1023928.7</valUSD>
                <pctVal>0.254549845863</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>702066.96</valUSD>
                <pctVal>0.174534649193</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>509187.65</valUSD>
                <pctVal>0.126584632136</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>604327.08</valUSD>
                <pctVal>0.150236403243</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>444607.15</valUSD>
                <pctVal>0.110529845977</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>
                </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>74439YDK4</cusip>
                <identifiers>
                    <isin value="US74439YDK47"/>
                </identifiers>
                <balance>340000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>349988.15</valUSD>
                <pctVal>0.087007454363</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>
                </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>74439YDH1</cusip>
                <identifiers>
                    <isin value="US74439YDH18"/>
                </identifiers>
                <balance>300000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>310768.8</valUSD>
                <pctVal>0.077257479099</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>
                </debtSec>
                <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>497664.75</valUSD>
                <pctVal>0.123720026017</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>
                </debtSec>
                <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"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>484703.15</valUSD>
                <pctVal>0.120497757434</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>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <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>5075000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5074988.33</valUSD>
                <pctVal>1.261647902983</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>722229.06</valUSD>
                <pctVal>0.179546970312</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>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 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"/>
                </identifiers>
                <balance>12325000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>12619680.8</valUSD>
                <pctVal>3.137267079712</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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>
                    <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>64971XQL5</cusip>
                <identifiers>
                    <isin value="US64971XQL54"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1120733.8</valUSD>
                <pctVal>0.278615704437</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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>
                    <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 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>1744995.6</valUSD>
                <pctVal>0.433807901870</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>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <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"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1002660.7</valUSD>
                <pctVal>0.249262596739</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <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>4977000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5072160.24</valUSD>
                <pctVal>1.260944836574</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>
                </debtSec>
                <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>4424000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4520885.6</valUSD>
                <pctVal>1.123897330591</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>
                </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>64971XSA7</cusip>
                <identifiers>
                    <isin value="US64971XSA71"/>
                </identifiers>
                <balance>550000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>567465.69</valUSD>
                <pctVal>0.141072619531</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-11-01</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>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>495226.75</valUSD>
                <pctVal>0.123113936429</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>
                </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>650116CZ7</cusip>
                <identifiers>
                    <isin value="US650116CZ75"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2084054.2</valUSD>
                <pctVal>0.518098257604</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>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <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>2475000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2164764.44</valUSD>
                <pctVal>0.538162915574</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>
                </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>64990FYM0</cusip>
                <identifiers>
                    <isin value="US64990FYM03"/>
                </identifiers>
                <balance>2550000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2587300.13</valUSD>
                <pctVal>0.643205771352</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-03-15</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>KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>549300QWDXL46XQC8110</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>48504NCK3</cusip>
                <identifiers>
                    <isin value="US48504NCK37"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1945805.8</valUSD>
                <pctVal>0.483729547252</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>
                </debtSec>
                <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>2233628.8</valUSD>
                <pctVal>0.555282674229</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>
                </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>19648FRW6</cusip>
                <identifiers>
                    <isin value="US19648FRW67"/>
                </identifiers>
                <balance>2700000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2479629.78</valUSD>
                <pctVal>0.616438799202</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>
                </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>1559866.65</valUSD>
                <pctVal>0.387784633173</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>1537695.15</valUSD>
                <pctVal>0.382272772916</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>2061265.6</valUSD>
                <pctVal>0.512432985581</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>481053.21</valUSD>
                <pctVal>0.119590378175</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>1783506.89</valUSD>
                <pctVal>0.443381852609</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>310706.85</valUSD>
                <pctVal>0.077242078258</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>759151BT9</cusip>
                <identifiers>
                    <isin value="US759151BT95"/>
                </identifiers>
                <balance>850000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>733382.98</valUSD>
                <pctVal>0.182319847581</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>808471.68</valUSD>
                <pctVal>0.200986984278</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>1234482.12</valUSD>
                <pctVal>0.306893666880</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>2301484.35</valUSD>
                <pctVal>0.572151641564</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>979839.45</valUSD>
                <pctVal>0.243589207889</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>1085419.97</valUSD>
                <pctVal>0.269836645911</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>CSCDA COMMUNITY IMPROVEMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>126292AD3</cusip>
                <identifiers>
                    <isin value="US126292AD39"/>
                </identifiers>
                <balance>2125000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1816571.34</valUSD>
                <pctVal>0.451601712694</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2056-08-01</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>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>932474.97</valUSD>
                <pctVal>0.231814343992</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>
                </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>167505XX9</cusip>
                <identifiers>
                    <isin value="US167505XX92"/>
                </identifiers>
                <balance>2500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2662553</valUSD>
                <pctVal>0.661913720899</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>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>1448102.1</valUSD>
                <pctVal>0.359999838220</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>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CALIFORNIA HOUSING FINANCE AGENCY</name>
                <lei>549300BOPCVLBA552Z14</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>13033DAE5</cusip>
                <identifiers>
                    <isin value="US13033DAE58"/>
                </identifiers>
                <balance>2059417.97</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1993917.15</valUSD>
                <pctVal>0.495690083886</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>
                </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>800000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>959907.2</valUSD>
                <pctVal>0.238634027743</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>IOWA TOBACCO SETTLEMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>888805CH9</cusip>
                <identifiers>
                    <isin value="US888805CH95"/>
                </identifiers>
                <balance>1180000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1187880.87</valUSD>
                <pctVal>0.295308542833</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>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>509820.19</valUSD>
                <pctVal>0.126741882303</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>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>662464.62</valUSD>
                <pctVal>0.164689462177</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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>
                </debtSec>
                <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>884722.7</valUSD>
                <pctVal>0.219943075057</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>2659952.89</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2526700.95</valUSD>
                <pctVal>0.628140745898</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>
                    <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 MEDICAL CARE COMMISSION</name>
                <lei>549300FH6KOXGCHQYG81</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>65821DYG0</cusip>
                <identifiers>
                    <isin value="US65821DYG05"/>
                </identifiers>
                <balance>2250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1766432.25</valUSD>
                <pctVal>0.439137077577</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>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MISSISSIPPI BUSINESS FINANCE CORP</name>
                <lei>549300DYV074JUDKBQ77</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>605279MK1</cusip>
                <identifiers>
                    <isin value="US605279MK10"/>
                </identifiers>
                <balance>2025000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1460599.49</valUSD>
                <pctVal>0.363106703667</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>
                </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>62620HAW2</cusip>
                <identifiers>
                    <isin value="US62620HAW25"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>486312.4</valUSD>
                <pctVal>0.120897818824</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>1055165.2</valUSD>
                <pctVal>0.262315275488</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>403181.44</valUSD>
                <pctVal>0.100231367093</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>6262077J7</cusip>
                <identifiers>
                    <isin value="US6262077J70"/>
                </identifiers>
                <balance>650000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>679519.75</valUSD>
                <pctVal>0.168929387001</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>ALLEGHENY COUNTY AIRPORT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>01728LFL1</cusip>
                <identifiers>
                    <isin value="US01728LFL18"/>
                </identifiers>
                <balance>1750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1687977.2</valUSD>
                <pctVal>0.419633062420</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>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>CSCDA COMMUNITY IMPROVEMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>126292AW1</cusip>
                <identifiers>
                    <isin value="US126292AW10"/>
                </identifiers>
                <balance>1900000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1438416.09</valUSD>
                <pctVal>0.357591885057</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2057-02-01</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>ALLEGHENY COUNTY AIRPORT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>01728LEZ1</cusip>
                <identifiers>
                    <isin value="US01728LEZ13"/>
                </identifiers>
                <balance>3000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3324070.2</valUSD>
                <pctVal>0.826367653381</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ALLEGHENY COUNTY AIRPORT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>01728LFJ6</cusip>
                <identifiers>
                    <isin value="US01728LFJ61"/>
                </identifiers>
                <balance>6620000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>7071687.23</valUSD>
                <pctVal>1.758029533100</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>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>ALLEGHENY COUNTY AIRPORT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>01728LFK3</cusip>
                <identifiers>
                    <isin value="US01728LFK35"/>
                </identifiers>
                <balance>575000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>610311.61</valUSD>
                <pctVal>0.151724164245</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>ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>04052BQW7</cusip>
                <identifiers>
                    <isin value="US04052BQW71"/>
                </identifiers>
                <balance>1380000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1152936.04</valUSD>
                <pctVal>0.286621218130</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2061-07-01</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>ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>04052BQU1</cusip>
                <identifiers>
                    <isin value="US04052BQU16"/>
                </identifiers>
                <balance>720000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>666298.44</valUSD>
                <pctVal>0.165642554214</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>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>CONNECTICUT STATE HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY</name>
                <lei>549300ZOQJ5U8YBS5Q35</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>20775DPE6</cusip>
                <identifiers>
                    <isin value="US20775DPE66"/>
                </identifiers>
                <balance>1900000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2110716.08</valUSD>
                <pctVal>0.524726431464</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>CONNECTICUT STATE HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY</name>
                <lei>549300ZOQJ5U8YBS5Q35</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>20775DPM8</cusip>
                <identifiers>
                    <isin value="US20775DPM82"/>
                </identifiers>
                <balance>580000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>568348.96</valUSD>
                <pctVal>0.141292201463</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>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 STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY</name>
                <lei>549300KTNI2GCJNX2U48</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>13080SC85</cusip>
                <identifiers>
                    <isin value="US13080SC856"/>
                </identifiers>
                <balance>3440000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2695096.21</valUSD>
                <pctVal>0.670004000124</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-04-01</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>IOWA FINANCE AUTHORITY</name>
                <lei>549300NQVL49BTHOW391</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>46247SBM5</cusip>
                <identifiers>
                    <isin value="US46247SBM52"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1645965</valUSD>
                <pctVal>0.409188781451</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2046-05-15</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>SILVER CREEK SCHOOL BUILDING CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>827555BX0</cusip>
                <identifiers>
                    <isin value="US827555BX05"/>
                </identifiers>
                <balance>1600000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1443141.6</valUSD>
                <pctVal>0.358766652247</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-01-15</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>CITY OF ATLANTA GA DEPARTMENT OF AVIATION</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>04780MA33</cusip>
                <identifiers>
                    <isin value="US04780MA339"/>
                </identifiers>
                <balance>800000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>801145.04</valUSD>
                <pctVal>0.199165573195</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-07-01</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 MUNICIPAL FINANCE AUTHORITY</name>
                <lei>5493000UQOV6R4ZWS346</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>13048VXK9</cusip>
                <identifiers>
                    <isin value="US13048VXK96"/>
                </identifiers>
                <balance>2700000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2638998.36</valUSD>
                <pctVal>0.656058010456</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>MOUNT DIABLO UNIFIED SCHOOL DISTRICT/CA</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>621196P32</cusip>
                <identifiers>
                    <isin value="US621196P323"/>
                </identifiers>
                <balance>1625000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1698772.4</valUSD>
                <pctVal>0.422316761486</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>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>MOUNT DIABLO UNIFIED SCHOOL DISTRICT/CA</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>621196N91</cusip>
                <identifiers>
                    <isin value="US621196N914"/>
                </identifiers>
                <balance>2960000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3124151.83</valUSD>
                <pctVal>0.776667717957</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-08-01</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>TANGIPAHOA PARISH HOSPITAL SERVICE DISTRICT NO 1</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>875518FC1</cusip>
                <identifiers>
                    <isin value="US875518FC19"/>
                </identifiers>
                <balance>1250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1218505.88</valUSD>
                <pctVal>0.302921955345</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-02-01</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>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74445QDX5</cusip>
                <identifiers>
                    <isin value="US74445QDX51"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>790922.4</valUSD>
                <pctVal>0.196624213199</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2056-09-01</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>LOWER COLORADO RIVER AUTHORITY</name>
                <lei>549300QJFPW2NNBYR215</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>54811GL40</cusip>
                <identifiers>
                    <isin value="US54811GL405"/>
                </identifiers>
                <balance>1730000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1980176.34</valUSD>
                <pctVal>0.492274102805</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-05-15</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>CITY OF LOS ANGELES CA COMMUNITY FACILITIES DISTRICT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>544386DW2</cusip>
                <identifiers>
                    <isin value="US544386DW26"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>982291.8</valUSD>
                <pctVal>0.244198864904</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-09-01</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>ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>04052FCS2</cusip>
                <identifiers>
                    <isin value="US04052FCS20"/>
                </identifiers>
                <balance>2855000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2718004.25</valUSD>
                <pctVal>0.675698965068</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</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>63609XAQ3</cusip>
                <identifiers>
                    <isin value="US63609XAQ34"/>
                </identifiers>
                <balance>850000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>864260.71</valUSD>
                <pctVal>0.214856200941</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-08-15</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>NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>63609XAT7</cusip>
                <identifiers>
                    <isin value="US63609XAT72"/>
                </identifiers>
                <balance>1040000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1050907.94</valUSD>
                <pctVal>0.261256915783</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</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 BELLEVUE WA</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>0793655D0</cusip>
                <identifiers>
                    <isin value="US0793655D01"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1081847.9</valUSD>
                <pctVal>0.268948625224</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 BELLEVUE WA</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>0793655M0</cusip>
                <identifiers>
                    <isin value="US0793655M00"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1029973.6</valUSD>
                <pctVal>0.256052614917</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>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 BELLEVUE WA</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>0793655J7</cusip>
                <identifiers>
                    <isin value="US0793655J70"/>
                </identifiers>
                <balance>1250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1307326.75</valUSD>
                <pctVal>0.325002925209</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-12-01</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 CHICAGO IL</name>
                <lei>T5UYO5SYLC8K73MJQX30</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>167486K65</cusip>
                <identifiers>
                    <isin value="US167486K659"/>
                </identifiers>
                <balance>2060000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2040603.04</valUSD>
                <pctVal>0.507296249534</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>CITY OF CHICAGO IL</name>
                <lei>T5UYO5SYLC8K73MJQX30</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>167486K32</cusip>
                <identifiers>
                    <isin value="US167486K329"/>
                </identifiers>
                <balance>3117000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3128789.43</valUSD>
                <pctVal>0.777820630621</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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>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 LOS ANGELES DEPARTMENT OF AIRPORTS</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>544445WM7</cusip>
                <identifiers>
                    <isin value="US544445WM73"/>
                </identifiers>
                <balance>1150000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1156802.37</valUSD>
                <pctVal>0.287582392190</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-05-15</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>VIRGINIA SMALL BUSINESS FINANCING AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>928104NU8</cusip>
                <identifiers>
                    <isin value="US928104NU89"/>
                </identifiers>
                <balance>630000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>640848.98</valUSD>
                <pctVal>0.159315789352</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>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>928104NY0</cusip>
                <identifiers>
                    <isin value="US928104NY02"/>
                </identifiers>
                <balance>750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>749853.68</valUSD>
                <pctVal>0.186414482438</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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>
                </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>594479HP5</cusip>
                <identifiers>
                    <isin value="US594479HP57"/>
                </identifiers>
                <balance>745000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>685120.03</valUSD>
                <pctVal>0.170321623014</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-02-01</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>OHIO HIGHER EDUCATIONAL FACILITY COMMISSION</name>
                <lei>5493007MQT6NGNN6BR81</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>67756DZU3</cusip>
                <identifiers>
                    <isin value="US67756DZU35"/>
                </identifiers>
                <balance>3500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3363418.1</valUSD>
                <pctVal>0.836149586322</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2047-10-01</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>PAULDING COUNTY HOSPITAL AUTHORITY/GA</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>703596EG7</cusip>
                <identifiers>
                    <isin value="US703596EG72"/>
                </identifiers>
                <balance>1400000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1546903.54</valUSD>
                <pctVal>0.384561989201</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2043-04-01</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>PAULDING COUNTY HOSPITAL AUTHORITY/GA</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>703596EE2</cusip>
                <identifiers>
                    <isin value="US703596EE25"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1014053.6</valUSD>
                <pctVal>0.252094884709</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2041-04-01</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 LOS ANGELES DEPARTMENT OF AIRPORTS</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>544445XZ7</cusip>
                <identifiers>
                    <isin value="US544445XZ77"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>510045.3</valUSD>
                <pctVal>0.126797844907</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-05-15</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>CLIFTON HIGHER EDUCATION FINANCE CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>187145PZ4</cusip>
                <identifiers>
                    <isin value="US187145PZ45"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1062807.3</valUSD>
                <pctVal>0.264215110288</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-08-15</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>CLIFTON HIGHER EDUCATION FINANCE CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>187145QD2</cusip>
                <identifiers>
                    <isin value="US187145QD24"/>
                </identifiers>
                <balance>1400000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1448337.24</valUSD>
                <pctVal>0.360058294293</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>VIRGINIA SMALL BUSINESS FINANCING AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>928104PX0</cusip>
                <identifiers>
                    <isin value="US928104PX01"/>
                </identifiers>
                <balance>3000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2845504.5</valUSD>
                <pctVal>0.707395673037</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2048-01-01</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>OHIO STATE TURNPIKE COMMISSION</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>67760HNV9</cusip>
                <identifiers>
                    <isin value="US67760HNV95"/>
                </identifiers>
                <balance>2195000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2645995.46</valUSD>
                <pctVal>0.657797497519</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>OHIO STATE TURNPIKE COMMISSION</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>67760HNX5</cusip>
                <identifiers>
                    <isin value="US67760HNX51"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1753319.4</valUSD>
                <pctVal>0.435877208070</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>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>64990FX58</cusip>
                <identifiers>
                    <isin value="US64990FX584"/>
                </identifiers>
                <balance>5500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>6163465</valUSD>
                <pctVal>1.532244448010</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2046-03-15</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>FLORIDA DEVELOPMENT FINANCE CORP</name>
                <lei>549300HC854CNBLMWC48</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>34061UJT6</cusip>
                <identifiers>
                    <isin value="US34061UJT60"/>
                </identifiers>
                <balance>650000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>628345.97</valUSD>
                <pctVal>0.156207526767</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>FLORIDA DEVELOPMENT FINANCE CORP</name>
                <lei>549300HC854CNBLMWC48</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>34061UJU3</cusip>
                <identifiers>
                    <isin value="US34061UJU34"/>
                </identifiers>
                <balance>680000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>640763.59</valUSD>
                <pctVal>0.159294561300</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2057-07-01</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>FLORIDA DEVELOPMENT FINANCE CORP</name>
                <lei>549300HC854CNBLMWC48</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>34061UJS8</cusip>
                <identifiers>
                    <isin value="US34061UJS87"/>
                </identifiers>
                <balance>460000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>454843.26</valUSD>
                <pctVal>0.113074554630</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-07-01</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>NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64971XU22</cusip>
                <identifiers>
                    <isin value="US64971XU229"/>
                </identifiers>
                <balance>4920000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5609554.73</valUSD>
                <pctVal>1.394541721394</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-02-01</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>OHIO HIGHER EDUCATIONAL FACILITY COMMISSION</name>
                <lei>5493007MQT6NGNN6BR81</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>67756DC61</cusip>
                <identifiers>
                    <isin value="US67756DC619"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1630677.15</valUSD>
                <pctVal>0.405388204457</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>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74447DAD9</cusip>
                <identifiers>
                    <isin value="US74447DAD93"/>
                </identifiers>
                <balance>1700000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1777396.75</valUSD>
                <pctVal>0.441862864817</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2062-02-01</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>DISTRICT OF COLUMBIA</name>
                <lei>549300HWFOZXPKGOX654</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>25483VA46</cusip>
                <identifiers>
                    <isin value="US25483VA468"/>
                </identifiers>
                <balance>1370000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1544348.53</valUSD>
                <pctVal>0.383926810793</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-02-29</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>DISTRICT OF COLUMBIA</name>
                <lei>549300HWFOZXPKGOX654</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>25483VA61</cusip>
                <identifiers>
                    <isin value="US25483VA617"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1674531.3</valUSD>
                <pctVal>0.416290396302</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-02-28</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>COUNTY OF SAN DIEGO CA</name>
                <lei>254900MKIGRAYVDUZ926</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>7973915D7</cusip>
                <identifiers>
                    <isin value="US7973915D73"/>
                </identifiers>
                <balance>2150000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2473441.7</valUSD>
                <pctVal>0.614900435437</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2046-10-01</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>REGENTS OF THE UNIVERSITY OF CALIFORNIA MEDICAL CENTER POOLED REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>913366KP4</cusip>
                <identifiers>
                    <isin value="US913366KP43"/>
                </identifiers>
                <balance>5260000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>6038362.7</valUSD>
                <pctVal>1.501143873153</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2041-05-15</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>REGENTS OF THE UNIVERSITY OF CALIFORNIA MEDICAL CENTER POOLED REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>913366KQ2</cusip>
                <identifiers>
                    <isin value="US913366KQ26"/>
                </identifiers>
                <balance>13000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>14881161.1</valUSD>
                <pctVal>3.699473668694</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>UTAH INFRASTRUCTURE AGENCY</name>
                <lei>549300WD2FDRNXU16V82</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>917467CH3</cusip>
                <identifiers>
                    <isin value="US917467CH34"/>
                </identifiers>
                <balance>1200000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1257730.08</valUSD>
                <pctVal>0.312673136324</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-10-15</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>OHIO HIGHER EDUCATIONAL FACILITY COMMISSION</name>
                <lei>5493007MQT6NGNN6BR81</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>677510CY3</cusip>
                <identifiers>
                    <isin value="US677510CY30"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1067436.1</valUSD>
                <pctVal>0.265365835262</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2052-01-01</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>OHIO HIGHER EDUCATIONAL FACILITY COMMISSION</name>
                <lei>5493007MQT6NGNN6BR81</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>677510CX5</cusip>
                <identifiers>
                    <isin value="US677510CX56"/>
                </identifiers>
                <balance>1750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1876992.6</valUSD>
                <pctVal>0.466622507032</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2047-01-01</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>INDIANA FINANCE AUTHORITY</name>
                <lei>549300PS0PAS7NDSSI20</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>45505MME3</cusip>
                <identifiers>
                    <isin value="US45505MME39"/>
                </identifiers>
                <balance>700000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>860177.78</valUSD>
                <pctVal>0.213841179873</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>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>INDIANA FINANCE AUTHORITY</name>
                <lei>549300PS0PAS7NDSSI20</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>45505MMH6</cusip>
                <identifiers>
                    <isin value="US45505MMH69"/>
                </identifiers>
                <balance>850000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1021663.03</valUSD>
                <pctVal>0.253986597710</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>INDIANA FINANCE AUTHORITY</name>
                <lei>549300PS0PAS7NDSSI20</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>45505MMD5</cusip>
                <identifiers>
                    <isin value="US45505MMD55"/>
                </identifiers>
                <balance>800000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>973216</valUSD>
                <pctVal>0.241942610644</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2031-10-01</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>INDIANA FINANCE AUTHORITY</name>
                <lei>549300PS0PAS7NDSSI20</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>45505MMG8</cusip>
                <identifiers>
                    <isin value="US45505MMG86"/>
                </identifiers>
                <balance>1325000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1603873.81</valUSD>
                <pctVal>0.398724863479</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>CITY OF LONG BEACH CA AIRPORT SYSTEM REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>542403DQ0</cusip>
                <identifiers>
                    <isin value="US542403DQ01"/>
                </identifiers>
                <balance>750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>821257.8</valUSD>
                <pctVal>0.204165628333</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-06-01</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>METROPOLITAN WASHINGTON AIRPORTS AUTHORITY AVIATION REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>592647LD1</cusip>
                <identifiers>
                    <isin value="US592647LD15"/>
                </identifiers>
                <balance>1250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1464760.25</valUSD>
                <pctVal>0.364141073362</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>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY OF LONG BEACH CA AIRPORT SYSTEM REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>542403DR8</cusip>
                <identifiers>
                    <isin value="US542403DR83"/>
                </identifiers>
                <balance>1250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1379774.75</valUSD>
                <pctVal>0.343013580866</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>5.25</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>UTAH STATE BUILDING OWNERSHIP AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>917547G21</cusip>
                <identifiers>
                    <isin value="US917547G212"/>
                </identifiers>
                <balance>1840000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2102940.97</valUSD>
                <pctVal>0.522793530226</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>UTAH STATE BUILDING OWNERSHIP AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>917547F89</cusip>
                <identifiers>
                    <isin value="US917547F891"/>
                </identifiers>
                <balance>2815000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3247636.22</valUSD>
                <pctVal>0.807366078537</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>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CITY  AND  COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>249182QP4</cusip>
                <identifiers>
                    <isin value="US249182QP48"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1764027.9</valUSD>
                <pctVal>0.438539353417</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>5.5</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  AND  COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>249182QN9</cusip>
                <identifiers>
                    <isin value="US249182QN99"/>
                </identifiers>
                <balance>2600000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2949007.62</valUSD>
                <pctVal>0.733126667043</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>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</name>
                <lei>549300UZSVMFXJK08K70</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>57584Y3R8</cusip>
                <identifiers>
                    <isin value="US57584Y3R85"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2299061.6</valUSD>
                <pctVal>0.571549343143</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>COUNTY OF RICE MN</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>762698LA4</cusip>
                <identifiers>
                    <isin value="US762698LA49"/>
                </identifiers>
                <balance>2500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2562103.75</valUSD>
                <pctVal>0.636941922468</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2048-02-01</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 YORK STATE THRUWAY AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>650028ZP1</cusip>
                <identifiers>
                    <isin value="US650028ZP10"/>
                </identifiers>
                <balance>5500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>6183705</valUSD>
                <pctVal>1.537276135158</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2054-03-15</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>DETROIT CITY SCHOOL DISTRICT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>251129ZY1</cusip>
                <identifiers>
                    <isin value="US251129ZY14"/>
                </identifiers>
                <balance>920000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1066520.58</valUSD>
                <pctVal>0.265138235943</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHICAGO BOARD OF TRADE</name>
                <lei>549300EX04Q2QBFQTQ27</lei>
                <title>GOVERNMENT FUTURES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="WNU2COMDTY"/>
                </identifiers>
                <balance>33</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>5224312.5</valUSD>
                <pctVal>1.298770062423</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>CHICAGO BOARD OF TRADE</counterpartyName>
                            <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
                        </counterparties>
                        <payOffProf>Short</payOffProf>
                        <descRefInstrmnt>
                            <otherRefInst>
<issuerName>UNITED STATES OF AMERICA</issuerName>
<issueTitle>US TREASURY N/B               03.3750 11/15/2048</issueTitle>
<identifiers>
    <cusip value="912810SE9"/>
</identifiers>
                            </otherRefInst>
                        </descRefInstrmnt>
                        <expDate>2022-01-30</expDate>
                        <notionalAmt>5218566.38</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-5746.12</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW YORK STATE THRUWAY AUTHORITY</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>650028ZR7</cusip>
                <identifiers>
                    <isin value="US650028ZR75"/>
                </identifiers>
                <balance>5500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5516477.45</valUSD>
                <pctVal>1.371402603136</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2056-03-15</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 JERSEY HEALTH CARE FACILITIES FINANCING AUTHORITY</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>64579FSM6</cusip>
                <identifiers>
                    <isin value="US64579FSM67"/>
                </identifiers>
                <balance>1470000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1472076.67</valUSD>
                <pctVal>0.365959943741</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.75</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>MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA</name>
                <lei>JA0WNILDDF2KUPS83B16</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>62620HEM0</cusip>
                <identifiers>
                    <isin value="US62620HEM07"/>
                </identifiers>
                <balance>4250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4335748.43</valUSD>
                <pctVal>1.077872018392</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2063-07-01</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>PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>69651ACD4</cusip>
                <identifiers>
                    <isin value="US69651ACD46"/>
                </identifiers>
                <balance>1515000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1581117.93</valUSD>
                <pctVal>0.393067725685</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2047-11-01</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>CSCDA COMMUNITY IMPROVEMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>126292BB6</cusip>
                <identifiers>
                    <isin value="US126292BB63"/>
                </identifiers>
                <balance>650000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>491911.1</valUSD>
                <pctVal>0.122289662047</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>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>CSCDA COMMUNITY IMPROVEMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>126292AR2</cusip>
                <identifiers>
                    <isin value="US126292AR25"/>
                </identifiers>
                <balance>2635000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1996107.36</valUSD>
                <pctVal>0.496234572597</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>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>MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRICT</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>59561TAQ6</cusip>
                <identifiers>
                    <isin value="US59561TAQ67"/>
                </identifiers>
                <balance>1625000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1336586.39</valUSD>
                <pctVal>0.332276905176</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-08-01</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>METROPOLITAN GOVERNMENT NASHVILLE  AND  DAVIDSON COUNTY HEALTH  AND  EDUCATIONAL FACS BD</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>592041YV3</cusip>
                <identifiers>
                    <isin value="US592041YV36"/>
                </identifiers>
                <balance>2250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1903014.68</valUSD>
                <pctVal>0.473091625881</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2055-11-01</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>STATE OF ILLINOIS</name>
                <lei>54930048FV8RWPR02D67</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>4521526K2</cusip>
                <identifiers>
                    <isin value="US4521526K26"/>
                </identifiers>
                <balance>1250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1439672.75</valUSD>
                <pctVal>0.357904292170</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>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>METROPOLITAN TRANSPORTATION AUTHORITY</name>
                <lei>5493000TKYODLXADQD60</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>59261AG43</cusip>
                <identifiers>
                    <isin value="US59261AG435"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1576966.65</valUSD>
                <pctVal>0.392035712730</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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</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>MUNI ORIG ISSUE DISC</title>
                <cusip>187145JT5</cusip>
                <identifiers>
                    <isin value="US187145JT58"/>
                </identifiers>
                <balance>1150000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1183991.82</valUSD>
                <pctVal>0.294341720556</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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>
                </debtSec>
                <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>MUNI ORIG ISSUE DISC</title>
                <cusip>64542YBG0</cusip>
                <identifiers>
                    <isin value="US64542YBG08"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1004695.4</valUSD>
                <pctVal>0.249768425487</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <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>
                    <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 HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>64542YAM8</cusip>
                <identifiers>
                    <isin value="US64542YAM84"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1004695.4</valUSD>
                <pctVal>0.249768425487</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <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>
                    <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>MUNI ORIG ISSUE DISC</title>
                <cusip>25483VSG0</cusip>
                <identifiers>
                    <isin value="US25483VSG04"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>479039.25</valUSD>
                <pctVal>0.119089705416</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2052-07-01</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>NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY</name>
                <lei>5493006JS6QWDVU4R678</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>64577BTK0</cusip>
                <identifiers>
                    <isin value="US64577BTK07"/>
                </identifiers>
                <balance>750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>794894.7</valUSD>
                <pctVal>0.197611731522</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-06-15</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>CHICAGO BOARD OF EDUCATION</name>
                <lei>54930099NR6T9V7LVB43</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>167505QR0</cusip>
                <identifiers>
                    <isin value="US167505QR08"/>
                </identifiers>
                <balance>2250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2311607.48</valUSD>
                <pctVal>0.574668263259</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-12-01</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>PUBLIC AUTHORITY FOR COLORADO ENERGY</name>
                <lei>549300C6IJKXQOMRAB11</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>744387AD3</cusip>
                <identifiers>
                    <isin value="US744387AD35"/>
                </identifiers>
                <balance>2250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2883143.7</valUSD>
                <pctVal>0.716752821204</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>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>SOUTHEASTERN OHIO PORT AUTHORITY</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>841895AH8</cusip>
                <identifiers>
                    <isin value="US841895AH89"/>
                </identifiers>
                <balance>625000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>629098.5</valUSD>
                <pctVal>0.156394606585</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2032-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.75</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>STATE OF ILLINOIS</name>
                <lei>54930048FV8RWPR02D67</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>452152TC5</cusip>
                <identifiers>
                    <isin value="US452152TC53"/>
                </identifiers>
                <balance>2280000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2337814.19</valUSD>
                <pctVal>0.581183281337</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>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>NORTH NATOMAS COMMUNITY FACILITIES DISTRICT/CA</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>661253CF9</cusip>
                <identifiers>
                    <isin value="US661253CF95"/>
                </identifiers>
                <balance>1250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1284372.13</valUSD>
                <pctVal>0.319296380424</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2030-09-01</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>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</name>
                <lei>549300UZSVMFXJK08K70</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>57583UYD4</cusip>
                <identifiers>
                    <isin value="US57583UYD44"/>
                </identifiers>
                <balance>1100000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1119005.14</valUSD>
                <pctVal>0.278185957584</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>5.75</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>MUNI ORIG ISSUE DISC</title>
                <cusip>6459182D4</cusip>
                <identifiers>
                    <isin value="US6459182D47"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>510670.55</valUSD>
                <pctVal>0.126953282772</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>5.375</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>COUNTY OF JEFFERSON AL SEWER REVENUE</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>472682RM7</cusip>
                <identifiers>
                    <isin value="US472682RM76"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2190047</valUSD>
                <pctVal>0.544448188905</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>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>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</name>
                <lei>549300UZSVMFXJK08K70</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>57583UC48</cusip>
                <identifiers>
                    <isin value="US57583UC480"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>508942.65</valUSD>
                <pctVal>0.126523724856</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2043-07-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.75</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>YUMA INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>988514CD5</cusip>
                <identifiers>
                    <isin value="US988514CD57"/>
                </identifiers>
                <balance>2065000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2139150.23</valUSD>
                <pctVal>0.531795193674</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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>
                    <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>2867991.21</valUSD>
                <pctVal>0.712985894860</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>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>2674854.9</valUSD>
                <pctVal>0.664971987309</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>LOUISIANA OFFSHORE TERMINAL AUTHORITY</name>
                <lei>N/A</lei>
                <title>MUNI PUT BOND ACT</title>
                <cusip>546510FQ6</cusip>
                <identifiers>
                    <isin value="US546510FQ67"/>
                </identifiers>
                <balance>1600000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1588805.6</valUSD>
                <pctVal>0.394978889240</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2033-09-01</maturityDt>
                    <couponKind>Variable</couponKind>
                    <annualizedRt>1.65</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>74440DBR4</cusip>
                <identifiers>
                    <isin value="US74440DBR44"/>
                </identifiers>
                <balance>5500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5653330.65</valUSD>
                <pctVal>1.405424465171</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>3058830.3</valUSD>
                <pctVal>0.760428710892</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>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>4609954.01</valUSD>
                <pctVal>1.146039839182</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>4.9</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>631987.4</valUSD>
                <pctVal>0.157112790429</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>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>4445855.2</valUSD>
                <pctVal>1.105244687340</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>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>1716498.06</valUSD>
                <pctVal>0.426723380834</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>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>8932864.8</valUSD>
                <pctVal>2.220720405587</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2030-12-15</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>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>1816074.7</valUSD>
                <pctVal>0.451478247422</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>PUTNAM SHORT TERM INVESTMENT FUND</name>
                <lei>5493003MK0Q7JP8CPP42</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>74676P664</cusip>
                <identifiers>
                    <isin value="US74676P6640"/>
                </identifiers>
                <balance>15152697</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>15152697</valUSD>
                <pctVal>3.766977803983</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>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNITED STATES OF AMERICA</name>
                <lei>254900HROIFWPRGM1V77</lei>
                <title>U.S. T BILLS</title>
                <cusip>912796XU8</cusip>
                <identifiers>
                    <isin value="US912796XU84"/>
                </identifiers>
                <balance>100000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>99791.17</valUSD>
                <pctVal>0.024808198991</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>UST</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2022-09-06</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>UNITED STATES OF AMERICA</name>
                <lei>254900HROIFWPRGM1V77</lei>
                <title>U.S. T BILLS</title>
                <cusip>912796S67</cusip>
                <identifiers>
                    <isin value="US912796S678"/>
                </identifiers>
                <balance>200000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>199968.42</valUSD>
                <pctVal>0.049712377911</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>UST</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2022-08-04</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>COUNTY OF SAN BERNARDINO CA</name>
                <lei>254900RTS8DDNPA7MX91</lei>
                <title>VARIABLE RATE MUNI BOND</title>
                <cusip>796839AQ1</cusip>
                <identifiers>
                    <isin value="US796839AQ18"/>
                </identifiers>
                <balance>550000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>547301.54</valUSD>
                <pctVal>0.136059788780</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>2.603</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
        </invstOrSecs>
        <explntrNotes>
            <explntrNote note="Monthly total returns provided exclude any applicable sales loads or redemption fees. " noteItem="B.5.a"/>
            <explntrNote note="For total return swaps, interest rate swaps or spread swaps, if any, the mark to market payment may be either received or paid, depending on the change in value of the underlying index, basket or equity. For credit default swaps, if any, floating rate index related payments are only made upon the occurrence of a credit event on the reference obligation." noteItem="C.11.f.i.1"/>
            <explntrNote note="For certain swaptions, if any, the value provided may include any unpaid or received premium and as a result may be a negative value." noteItem="C.2.c"/>
            <explntrNote note="For total return swaps, interest rate swaps or spread swaps, if any, the mark to market payment may be either paid or received, depending on the change in value of the underlying index, basket or equity. For credit default swaps, if any, floating rate index related payments are only made upon the occurrence of a credit event on the reference obligation." noteItem="C.11.f.i.2"/>

        </explntrNotes>
        <signature>
            <ncom:dateSigned>2022-09-26</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>2
<FILENAME>b_582nport073122.htm
<DESCRIPTION>QUARTERLY PORTFOLIO HOLDINGS
<TEXT>
<html>
	<head>
		<title></title>
	</head>
	<body>
<HR noshade align="center" width=100% size=2>

<TABLE style="WIDTH: 95%" border=0 cellSpacing=0  cellPadding=0>
<tr>
   <td width=5%></td>
   <td width=50%></td>
   <td width=9%></td>
   <td width=9%></td>
   <td width=9%></td>
   <td width=9%></td>
   <td width=9%></td>
</tr>

<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">7/31/22
(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">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">COP&nbsp;&mdash;
Certificates of Participation</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 width=5%></td>
   <td width=49%></td>
   <td width=2%><TD WIDTH="2%" STYLE="text-align: left"><TD WIDTH="2%" STYLE="text-align: left"><TD WIDTH="20%" STYLE="text-align: left"></td>
   <TD WIDTH="20%" STYLE="text-align: left"></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 (147.8%)<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
(1.2%)</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">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">$2,190,047</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; 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">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">2,290,861</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">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">304,281</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">4,785,189</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
(1.4%)</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">AK
State Indl. Dev. &amp; Export Auth. Rev. Bonds, (Tanana Chiefs Conference), Ser. A, 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">5,890,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,654,712</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">5,654,712</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
(3.4%)</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">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">2,178,358</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. Charter School Rev. Bonds, (Equitable School Revolving Fund, LLC), 4.00%, 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">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">2,718,004</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">AZ
State Indl. Dev. Auth. Ed. Rev. Bonds, (KIPP New York, Inc., Jerome Fac.), Ser. B</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; 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">4.00%,
7/1/61</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 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">1,380,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,152,936</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">4.00%,
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">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">720,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">666,298</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">511,078</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; 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">(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">364,920</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">(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">760,384</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">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">201,210</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">1,012,384</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">1,530,631</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">527,551</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">2,139,150</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">13,762,904</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
(15.2%)</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">CA
Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds, (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">509,820</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">2,059,418</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,993,917</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">10,671,600</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">410,891</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. Rev. Bonds, (HumanGood CA Oblig. Group), 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">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">2,638,998</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.), 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">778,660</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.), Ser. A, 5.00%, 8/1/33</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">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">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">959,907</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, (Front Porch Cmnty. &amp; Svcs. Oblig. Group), Ser. A, 3.00%, 4/1/51</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">3,440,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,695,096</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">2,635,000</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">1,996,107</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. 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; 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">(Anaheim),
4.00%, 8/1/56</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">1,816,571</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">(City
of Orange Portfolio), 3.00%, 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">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">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">491,911</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">(Essential
Hsg.), Ser. A-2, 3.00%, 2/1/57</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">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">1,900,000</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">1,438,416</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">Long
Beach, Arpt. Syst. Rev. Bonds, Ser. C, 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; 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">5.25%,
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">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">1,250,000</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">1,379,775</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">5.00%,
6/1/42</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">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">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">821,258</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, Cmnty. Fac. Dist. No. 11 Special Tax, 4.00%, 9/1/38</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">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">982,292</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, Dept. of 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; 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">Ser.
A, 4.00%, 5/15/39</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">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">1,150,000</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">1,156,802</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">4.00%,
5/15/36</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">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">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">510,045</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">Mount
Diablo Unified School Dist. G.O. Bonds, Ser. B</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; 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">4.00%,
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">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">1,625,000</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">1,698,772</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">4.00%,
8/1/36</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">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">2,960,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,124,152</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">1,284,372</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">Regents
of the U. of CA Med. Ctr. (The) Rev. Bonds, Ser. P</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; 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">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">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">13,000,000</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">14,881,161</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">5.00%,
5/15/41</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">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">5,260,000</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">6,038,363</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, 1.943%, 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">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">547,302</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
Diego Cnty., COP, 5.00%, 10/1/46</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">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">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">2,473,442</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">61,299,630</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
(4.2%)</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">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; 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">(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">1,031,886</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">(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">1,026,243</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">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; 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">(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">552,029</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">(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">2,479,630</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">Denver
City &amp; Cnty., Arpt. 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; 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">5.50%,
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">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">1,500,000</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">1,764,028</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">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">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">2,600,000</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">2,949,008</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 Alloc. 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">214,041</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">2,883,144</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; 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">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">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">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">808,472</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">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">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">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">733,383</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">481,053</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; 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">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">292,785</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">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">174,423</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">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">147,393</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">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">250,872</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">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">246,339</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">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">142,404</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">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">228,128</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">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">148,274</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">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">212,645</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">16,766,180</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
(1.4%)</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">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">1,744,996</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 Hlth. &amp; Edl. Fac. Auth. Rev. Bonds, (Stamford Hosp. Oblig. Group (The)), Ser. M</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; 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">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">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">1,900,000</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">2,110,716</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; padding-left: 15"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%,
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">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">580,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">568,349</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">1,049,039</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">5,473,100</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">District
of Columbia (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">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; 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">(Plenary
Infrastructure DC, LLC), 5.50%, 2/28/37</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">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">1,674,531</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">(Plenary
Infrastructure DC, LLC), 5.50%, 2/29/36</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">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">1,370,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,544,349</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">(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">479,039</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">(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">1,537,695</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">(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">2,061,266</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">(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">1,559,867</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.
DC Arpt. Auth. Rev. Bonds, Ser. A, 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">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">1,250,000</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">1,464,760</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">1,816,075</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; 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">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">1,213,697</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">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">1,244,767</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">14,596,046</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
(6.0%)</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">FL
State Dev. Fin. Corp. Ed. Fac. Rev. Bonds, (River City Ed.)</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; 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">5.00%,
7/1/57<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">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">680,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">640,764</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">5.00%,
7/1/51<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">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">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">628,346</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">5.00%,
7/1/42<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">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">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">454,843</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</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; 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">(St.
Leo U.), 5.00%, 3/1/44</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+</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">1,515,854</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">(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">763,919</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">2,376,218</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">1,386,828</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; 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">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">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">5,190,161</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">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">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">3,790,000</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">3,949,662</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">1,400,355</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">Palm
Beach Cnty., Hlth. Fac. Auth. Rev. Bonds, (Jupiter Med. Ctr.), Ser. A, 5.00%, 11/1/47</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">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">1,515,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,581,118</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">515,293</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">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">371,521</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">2,475,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,164,764</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">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; 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">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">603,108</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">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">507,576</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">24,050,330</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,
Arpt. Rev. Bonds, (Dept. of Aviation), Ser. C, 4.00%, 7/1/42</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">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">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">801,145</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; 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">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">3,659,774</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">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">1,055,165</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">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">679,520</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">4.50%,
7/1/63</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 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">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">4,335,748</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">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">486,312</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">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">403,181</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">Paulding
Cnty., Hosp. Auth. Rev. Bonds, (WellStar Hlth. Syst.)</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; 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">5.00%,
4/1/43</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">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">1,546,904</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">4.00%,
4/1/41</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">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">1,014,054</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">13,981,803</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; 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">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">310,707</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">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">1,783,507</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">2,094,214</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
(17.5%)</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">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; 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">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">1,994,705</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">Ser.
B, 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">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">2,060,000</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">2,040,603</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">Ser.
B, 4.00%, 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">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">3,117,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,128,789</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; 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">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">2,311,607</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">Ser.
B, 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">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">2,662,553</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">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">527,353</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, 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; 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">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">107,467</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">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">323,874</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">3,125,322</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; 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">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">936,554</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">(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">1,871,676</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; 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">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">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">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">2,337,814</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">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">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">1,250,000</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">1,439,673</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">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">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">1,591,125</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">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">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">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">6,201,370</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">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">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">1,850,000</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">2,011,611</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">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">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">1,425,000</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">1,538,696</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">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">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">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">2,737,897</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">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">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">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">2,463,002</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">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">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">1,102,167</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">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">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">1,448,102</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; 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">(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">1,037,140</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">(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">510,224</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; 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">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">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">1,100,000</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">1,222,951</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">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">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">680,308</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">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">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">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">569,313</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; 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">(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">1,976,375</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">(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">1,007,944</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; 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">4.00%,
6/15/50</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">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">945,780</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">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">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">631,987</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">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">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">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">8,932,865</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">1,455,227</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; 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">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">3,965,388</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">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">1,566,040</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">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">2,500,000</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">2,506,935</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">1,716,498</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">70,626,935</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
(2.6%)</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">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">1,889,908</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">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">2,674,855</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. Waste Wtr. Util. Rev. Bonds, (CWA Authority, 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; 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">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">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">1,021,663</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">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">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">1,325,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,603,874</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">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">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">860,178</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">5.00%,
10/1/31</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">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">973,216</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">Silver
Creek, School Bldg. Corp. Rev. Bonds, 3.00%, 1/15/42</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">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">1,600,000</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">1,443,142</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">10,466,836</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
(0.7%)</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">IA
State Fin. Auth. Rev. Bonds, (Lifespace Cmnty., Inc. Oblig. Group), Ser. A, 4.00%, 5/15/46</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">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">1,645,965</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">1,180,000</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">1,187,881</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">2,833,846</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
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; 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">(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">1,095,909</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">(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">800,510</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. Gas Supply</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; 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">Mandatory
Put Bonds (8/1/25), 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">5,653,331</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">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">3,058,830</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; 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">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">1,069,847</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">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">400,365</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">12,078,792</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
(1.4%)</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">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">1,588,806</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">2,867,991</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">Tangipahoa
Parish, Hosp. Svcs. Rev. Bonds, (North Oaks Hlth. Syst.), 4.00%, 2/1/42</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">1,250,000</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">1,218,506</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">5,675,303</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
(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">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">470,790</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">1,234,482</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">1,705,272</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
(5.2%)</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">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; 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">(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">508,943</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">(Loomis
Cmntys.), Ser. A, 5.75%, 1/1/28 (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">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">1,119,005</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">(Northeastern
U.), 5.00%, 10/1/39<B><I><SUP>(FWC)</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">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">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">2,299,062</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">(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">1,033,002</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">(Atrius
Hlth. Oblig. Group), Ser. A, 4.00%, 6/1/49 (Prerefunded 6/1/29)</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">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">6,074,240</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">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">1,410,000</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">1,495,402</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), 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">841,890</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">7,768,740</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">21,140,284</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
(5.9%)</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">222,430</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">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">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">1,066,521</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. Corp. 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">1,780,916</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">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; 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">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">1,647,428</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">(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">1,171,360</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">(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">2,024,909</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">(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">1,065,741</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">(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">104,297</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">(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">888,636</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">(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">837,625</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">(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">2,541,551</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. Ltd. Oblig. Rev. Bonds, (Lawrence Tech. U.), 4.00%, 2/1/42</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">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">685,120</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; 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">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">4,424,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,520,886</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">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">4,977,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,072,160</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">23,629,580</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">Minnesota
(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">Rice
Cnty., G.O. Bonds, Ser. A, 4.00%, 2/1/48<B><I><SUP>(FWC)</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">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">2,562,104</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">2,562,104</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">1,460,599</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">1,460,599</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
(3.8%)</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">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; 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">5.00%,
3/1/54</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">4,455,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,676,695</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">5.00%,
3/1/35</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">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">5,925,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,438,801</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">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">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">1,945,806</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">2,233,629</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">15,294,931</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
(1.3%)</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">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">3,814,624</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; 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">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">1,102,913</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">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">220,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">214,803</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">5,132,340</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 (2.6%)</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">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; 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">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">2,301,484</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">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">1,085,420</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">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">979,839</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. Hosp. Rev. Bonds, (St. Luke's Hosp. 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; 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">4.00%,
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">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">1,040,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,050,908</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">4.00%,
8/15/37</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">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">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">864,261</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; 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">(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">1,043,337</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">(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">524,614</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">(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">2,627,292</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">10,477,155</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 (5.1%)</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">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; 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">(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">510,671</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">Ser.
WW, 5.25%, 6/15/32 (Prerefunded 6/15/25)</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">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">1,645,653</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">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">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">3,000,000</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">3,193,184</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">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">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">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">794,895</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">(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">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">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">430,458</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">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">2,000,000</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">2,106,677</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">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">1,470,000</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">1,472,077</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; 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">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">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">1,225,000</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">1,320,975</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">Ser.
AA, 5.00%, 6/15/37</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">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">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">662,465</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">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">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">1,082,050</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">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">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">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">5,365,700</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">(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">2,058,219</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">20,643,024</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 (0.6%)</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">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; 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">(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">931,328</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">(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">1,387,714</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">2,319,042</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 (17.2%)</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">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; 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">(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">1,576,967</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">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">1,003,544</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; 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">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">1,120,734</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">Ser.
F-1, 5.00%, 2/1/40</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">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">5,609,555</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">(Future
Tax), Ser. C-1, 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">512,300</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">(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">12,107,381</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">4.00%,
11/1/38</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">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">567,466</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">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">722,229</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">NY
State Dorm. Auth. Personal 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; 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">Ser.
A, 5.00%, 3/15/46<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">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">6,163,465</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">Ser.
D, 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">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">2,200,000</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">2,217,968</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">Ser.
A, 4.00%, 3/15/44</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">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">2,550,000</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">2,587,300</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">Ser.
D, 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">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">1,500,000</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">1,524,281</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">Ser.
D, 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">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">1,200,000</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">1,223,788</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">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">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">11,812,699</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">2,013,789</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 Thruway Auth. Personal Income Tax Rev. Bonds, Ser. C, 5.00%, 03/15/54<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">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">6,183,705</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 Thruway Auth. Rev. Bonds, (Green Bonds-Bidding Group 2), Ser. C, 4.125%, 3/15/56</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">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">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">5,516,477</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; 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">(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">1,032,677</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">(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">2,084,054</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">3,462,202</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">69,042,581</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 (0.8%)</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">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">932,475</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">1,766,432</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">495,227</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">3,194,134</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
(10.2%)</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">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; 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">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">549,261</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">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">687,176</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">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">1,326,011</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">Buckeye,
Tobacco Settlement Fin. Auth. Rev. Bonds, 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">5,075,000</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">5,074,988</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">522,762</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">2,038,373</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">10,743,700</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; 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">(Ashtabula
Cnty. Med. Ctr.), 5.25%, 1/1/52</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">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">1,067,436</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">(Ashtabula
Cnty. Med. Ctr.), 5.25%, 1/1/47</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">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">1,876,993</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">(Kenyon
College), 5.00%, 7/1/36<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">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">1,500,000</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">1,630,677</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">(John
Carroll U.), 4.00%, 10/1/47</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">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">3,500,000</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">3,363,418</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">(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">3,484,389</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">1,188,847</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 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; 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">5.00%,
2/15/39<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">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">1,500,000</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">1,753,319</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">5.00%,
2/15/33<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">2,195,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,645,995</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; 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">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">635,930</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">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">785,349</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; 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">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">B+/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">629,099</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">(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">B+/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">122,731</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; 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">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">517,991</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">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">259,340</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">40,903,785</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">Oregon
(1.1%)</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">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">1,002,661</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">1,135,000</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">1,138,118</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">666,733</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">1,604,359</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">4,411,871</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
(5.7%)</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">Allegheny
Cnty., Arpt. Auth. 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; 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">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">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">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">610,312</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">5.00%,
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">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">6,620,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,071,687</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">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">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">3,324,070</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">4.00%,
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">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">1,687,977</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; 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">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">209,044</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">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">1,046,203</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; 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">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">484,703</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">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">497,665</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">1,006,295</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">1,005,241</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, 4.90%, 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">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">4,385,000</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">4,609,954</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">1,071,864</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">491,394</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">23,116,409</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 (0.7%)</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">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">2,812,403</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">2,812,403</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 (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">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; 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">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">218,703</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">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">2,103,479</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">2,322,182</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">884,723</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">884,723</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
(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">Metro.
Govt. Nashville &amp; Davidson Cnty., Hlth. &amp; Edl. Fac. Board Rev. Bonds, (Blakeford at Green Hills), Ser. A, 4.00%, 11/1/55</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">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">1,903,015</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">1,903,015</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
(9.9%)</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">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; 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">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">524,901</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">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">550,119</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; 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">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">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">1,045,000</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">1,104,111</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">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">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">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">561,155</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; 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">(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">1,183,992</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">(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">326,274</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">(IDEA
Pub. Schools), Ser. T, PSFG, 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">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">1,400,000</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">1,448,337</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">(IDEA
Pub. Schools), Ser. T, PSFG, 4.00%, 8/15/37</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">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">1,062,807</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; 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">(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">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">1,501,468</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">(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">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">1,000,740</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">(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">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">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">801,687</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">1,052,354</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">Lower
CO River Auth. Rev. Bonds, AGM, 5.00%, 5/15/39</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">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">1,730,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,980,176</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">1,603,827</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; 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">(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">473,581</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">(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">1,004,695</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">(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">1,004,695</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">(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">608,692</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">4,445,855</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">2,108,460</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">3,086,335</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">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">2,000,000</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">2,024,741</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">10,529,081</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">39,988,083</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
(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">Infrastructure
Agcy. Telecomm. Rev. Bonds, 5.00%, 10/15/37</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">1,200,000</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">1,257,730</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">1,336,586</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">Utah
State Bldg. Ownership Auth. Lease Rev. Bonds, (Master Lease)</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; 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">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">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">1,840,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,102,941</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">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">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">2,815,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,247,636</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">7,944,893</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
(2.3%)</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">Fairfax
Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds, (Goodwin House, Inc.), Ser. A, 5.00%, 10/1/42 (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">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">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">460,918</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">4,408,854</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</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; 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">(95
Express Lanes, LLC), 4.00%, 1/1/48</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">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">2,845,505</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">(Elizabeth
River Crossings OpCo, LLC), 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">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">749,854</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">(Elizabeth
River Crossings OpCo, LLC), 4.00%, 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</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">640,849</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">9,105,980</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
(2.5%)</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">Bellevue,
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; 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">4.00%,
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">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">1,029,974</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">4.00%,
12/1/40</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">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">1,307,327</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">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">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">1,081,848</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">2,572,914</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">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">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">914,862</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">485,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">485,645</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">2,659,953</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,526,701</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">9,919,271</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
(2.6%)</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">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">350,591</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. Conference Ctr. &amp; Hotel Rev. Bonds, (U. of NC Charlotte Foundation), Ser. A, 4.00%, 9/1/56</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">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">790,922</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; 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">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">702,067</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">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">604,327</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">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">509,188</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">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">444,607</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">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">349,988</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">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">310,769</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
Pub. Fin. Auth. Hotel Rev. Bonds, (Grand Hyatt), 5.00%, 2/1/62</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">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">1,700,000</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">1,777,397</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">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; 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">(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">1,023,929</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">(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">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">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">445,174</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">(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">3,077,863</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">249,724</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">10,636,546</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="5" 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 $602,251,140)</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">$594,696,027</FONT></td>
</tr></table>
<br><br><br><br>


<BR><BR>
<HR noshade align="center" width=100% size=2>
<BR><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%">
<tr>
   <TD STYLE="width: 5%"></td>
   <TD STYLE="width: 50%"></td>
   <TD STYLE="width: 3%"></td>
   <TD STYLE="width: 3%"></td>
   <TD STYLE="width: 3%"></td>
   <TD STYLE="width: 18%"></td>
   <TD STYLE="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 (3.8%)<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/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 1.93%<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">15,152,697</FONT></td>
<TD STYLE="font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$15,152,697</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 2.114%, 9/6/22<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">$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">99,791</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 1.132%, 8/4/22<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">199,968</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 $15,452,470)</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">$15,452,456</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 $617,703,610)</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">$610,148,483</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 7/31/22 (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 Bond Ultra 30 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">33</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$5,224,313</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$5,224,313</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3; padding-left: 10"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sep-22</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$(5,746)</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: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unrealized
appreciation</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: 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 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></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">(5,746)</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">$(5,746)</FONT></td>
</tr></table>
<br><br><br><br><br><br>



<HR noshade align="center" width=100% size=2>
<BR><BR>
<br>
<br>
<Table style="WIDTH: 85%" border=0 cellSpacing=0  cellPadding=0>
<tr>
   <td width=5%></td>
   <td width=35%></td>
   <td width=12%></td>
   <td width=12%></td>
   <td width=12%></td>
   <td width=12%></td>
   <td 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;2022
through July 31,&nbsp;2022 (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 $402,279,737.</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; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 0; padding-bottom: 3; padding-left: 15"><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>4/30/22</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>7/31/22</B></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; padding-left: 15"><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; 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">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">$12,668,821</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$65,752,351</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$63,268,475</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$26,169</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$15,152,697</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">$12,668,821</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">$65,752,351</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">$63,268,475</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">$26,169</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">$15,152,697</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 $222,721.</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>(FWC)</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">Forward
commitment, in part or in entirety.</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.</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 $105,779,203 to cover 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">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 1.33%, 2.36% and 2.79%, 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; 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">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">25.4%</FONT></td>
<td></td>
<td></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">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">21.1</FONT></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; 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">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">21.2</FONT></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; 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">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">16.4</FONT></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>

<tr>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; padding: 6 6 3 15; font-size: 11pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Local
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">15.3</FONT></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>

<tr>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; padding: 6 6 3 15; font-size: 11pt; 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">13.5</FONT></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>

<tr>
<td></td>
<TD COLSPAN="6" STYLE="border-bottom: Black 0pt solid; padding: 6 6 3 15; font-size: 11pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Utilities</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: 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>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 $90,573,432 were held by the
TOB trust and served as collateral for $59,571,942 in floating-rate bonds outstanding. During the reporting period, the fund incurred
interest expense of $115,886 for these investments based on an average interest rate of 0.86%.</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">$594,696,027</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&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">15,452,456</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">$610,148,483</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&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">$(5,746)</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&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></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">$(5,746)</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&mdash;</FONT></td>
<td 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">30</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>

</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
