<SEC-DOCUMENT>0000869392-24-000599.txt : 20240327
<SEC-HEADER>0000869392-24-000599.hdr.sgml : 20240327
<ACCEPTANCE-DATETIME>20240327133559
ACCESSION NUMBER:		0000869392-24-000599
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240131
FILED AS OF DATE:		20240327
DATE AS OF CHANGE:		20240327
PERIOD START:           	20240430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		ORGANIZATION NAME:           	
		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:		24788528

	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>
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                    <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>1311051.24</valUSD>
                <pctVal>0.358063989614</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>767666.24</valUSD>
                <pctVal>0.209658957789</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>1346367.45</valUSD>
                <pctVal>0.367709274760</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>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>1355953.23</valUSD>
                <pctVal>0.370327267501</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>385245.21</valUSD>
                <pctVal>0.105215137794</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>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>360374.9</valUSD>
                <pctVal>0.098422754591</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>INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA/THE</name>
                <lei>549300A62PWFBDWB8332</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>71885FDH7</cusip>
                <identifiers>
                    <isin value="US71885FDH73"/>
                </identifiers>
                <balance>100000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>99611.11</valUSD>
                <pctVal>0.027205001886</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>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>2002293.2</valUSD>
                <pctVal>0.546850549921</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>221949.34</valUSD>
                <pctVal>0.060617055801</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>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>932322.37</valUSD>
                <pctVal>0.254628543281</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>2763228.05</valUSD>
                <pctVal>0.754671083485</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>112510.13</valUSD>
                <pctVal>0.030727880643</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>1006936.6</valUSD>
                <pctVal>0.275006594162</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 ARIZONA/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>1004288.1</valUSD>
                <pctVal>0.274283256700</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>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>1015036.5</valUSD>
                <pctVal>0.277218775060</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>1007205.7</valUSD>
                <pctVal>0.275080088635</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>HALIFAX HOSPITAL MEDICAL CENTER</name>
                <lei>549300H6HDJUXLEMUW23</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>2297263.28</valUSD>
                <pctVal>0.627410455163</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>753010.13</valUSD>
                <pctVal>0.205656196448</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>COUNTY OF MONTGOMERY OH</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>613520LA1</cusip>
                <identifiers>
                    <isin value="US613520LA14"/>
                </identifiers>
                <balance>3000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2810786.1</valUSD>
                <pctVal>0.767659763563</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2047-08-01</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>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>2012456.4</valUSD>
                <pctVal>0.549626243066</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>761922.45</valUSD>
                <pctVal>0.208090259099</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>617516.85</valUSD>
                <pctVal>0.168651338879</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>NEW YORK TRANSPORTATION DEVELOPMENT CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>650116AR7</cusip>
                <identifiers>
                    <isin value="US650116AR77"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>500063.65</valUSD>
                <pctVal>0.136573445886</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2046-07-01</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>629027.49</valUSD>
                <pctVal>0.171795034225</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>357097.41</valUSD>
                <pctVal>0.097527632334</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>1011043</valUSD>
                <pctVal>0.276128101790</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>202025.66</valUSD>
                <pctVal>0.055175657226</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>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>511498.15</valUSD>
                <pctVal>0.139696346475</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>MASSACHUSETTS PORT AUTHORITY</name>
                <lei>254900JRR8IDSSKWCL90</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>575896RS6</cusip>
                <identifiers>
                    <isin value="US575896RS64"/>
                </identifiers>
                <balance>2500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2411107.25</valUSD>
                <pctVal>0.658502623682</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2046-07-01</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>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>310009.17</valUSD>
                <pctVal>0.084667263064</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>506217.9</valUSD>
                <pctVal>0.138254246179</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>550472.45</valUSD>
                <pctVal>0.150340700352</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>NEW YORK COUNTIES TOBACCO TRUST VI</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64945JAE2</cusip>
                <identifiers>
                    <isin value="US64945JAE29"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>961869.5</valUSD>
                <pctVal>0.262698222731</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2045-06-01</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>414009LD0</cusip>
                <identifiers>
                    <isin value="US414009LD06"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>927935.6</valUSD>
                <pctVal>0.253430463206</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>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>1705642.4</valUSD>
                <pctVal>0.465831619669</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>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>1559570.7</valUSD>
                <pctVal>0.425937667338</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>2561829.25</valUSD>
                <pctVal>0.699666629326</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 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>512096.75</valUSD>
                <pctVal>0.139859831392</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>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74443UAZ6</cusip>
                <identifiers>
                    <isin value="US74443UAZ66"/>
                </identifiers>
                <balance>250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>242537.35</valUSD>
                <pctVal>0.066239890953</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>
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                <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>2209144.81</valUSD>
                <pctVal>0.603344232605</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>
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                <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>293206.27</valUSD>
                <pctVal>0.080078187345</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>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>474081.21</valUSD>
                <pctVal>0.129477326495</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>1076318.55</valUSD>
                <pctVal>0.293955645935</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>547117.73</valUSD>
                <pctVal>0.149424485646</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>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>506077.9</valUSD>
                <pctVal>0.138216010481</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>1013929.6</valUSD>
                <pctVal>0.276916467249</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>452152T27</cusip>
                <identifiers>
                    <isin value="US452152T272"/>
                </identifiers>
                <balance>5750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>6120973.9</valUSD>
                <pctVal>1.671712186440</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>45203KAP0</cusip>
                <identifiers>
                    <isin value="US45203KAP03"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1949230.2</valUSD>
                <pctVal>0.532358401253</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>5</annualizedRt>
                    <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>1009326</valUSD>
                <pctVal>0.275659168272</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>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>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2025328.8</valUSD>
                <pctVal>0.553141851578</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>73358WR97</cusip>
                <identifiers>
                    <isin value="US73358WR978"/>
                </identifiers>
                <balance>2925000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3119787.16</valUSD>
                <pctVal>0.852051699562</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2029-09-15</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>1573374.45</valUSD>
                <pctVal>0.429707638828</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>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>501428.55</valUSD>
                <pctVal>0.136946216625</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>1831747.05</valUSD>
                <pctVal>0.500272328552</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>3066819.9</valUSD>
                <pctVal>0.837585698649</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 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>453796.65</valUSD>
                <pctVal>0.123937367217</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>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>2490836.92</valUSD>
                <pctVal>0.680277763249</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>316141.2</valUSD>
                <pctVal>0.086341994805</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>104848.96</valUSD>
                <pctVal>0.028635522228</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>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74442EEG1</cusip>
                <identifiers>
                    <isin value="US74442EEG17"/>
                </identifiers>
                <balance>1580000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1428569.17</valUSD>
                <pctVal>0.390159561154</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2049-06-15</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>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>641557.62</valUSD>
                <pctVal>0.175217164650</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>1137865.74</valUSD>
                <pctVal>0.310764929759</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>882180.8</valUSD>
                <pctVal>0.240934272568</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>2076781</valUSD>
                <pctVal>0.567194071235</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>48504NAX7</cusip>
                <identifiers>
                    <isin value="US48504NAX75"/>
                </identifiers>
                <balance>5925000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>6281048.06</valUSD>
                <pctVal>1.715430380371</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>KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>549300QWDXL46XQC8110</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>48504NBC2</cusip>
                <identifiers>
                    <isin value="US48504NBC20"/>
                </identifiers>
                <balance>3150000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3235486.28</valUSD>
                <pctVal>0.883650532040</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2046-03-01</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>COUNTY OF PALM BEACH FL</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>696547GJ1</cusip>
                <identifiers>
                    <isin value="US696547GJ16"/>
                </identifiers>
                <balance>1600000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1602054.4</valUSD>
                <pctVal>0.437540480906</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>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>1162883.7</valUSD>
                <pctVal>0.317597637968</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>503275.95</valUSD>
                <pctVal>0.137450763964</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>ALASKA INDUSTRIAL DEVELOPMENT  AND  EXPORT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>011903GK1</cusip>
                <identifiers>
                    <isin value="US011903GK13"/>
                </identifiers>
                <balance>6050000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5845174.23</valUSD>
                <pctVal>1.596387952603</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>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>3547327.24</valUSD>
                <pctVal>0.968818079162</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>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KENTUCKY STATE PROPERTY  AND  BUILDING COMMISSION</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>49151FC99</cusip>
                <identifiers>
                    <isin value="US49151FC991"/>
                </identifiers>
                <balance>750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>768150.6</valUSD>
                <pctVal>0.209791242377</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>
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                <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>864527.53</valUSD>
                <pctVal>0.236112950492</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>
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                <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>73358W4C5</cusip>
                <identifiers>
                    <isin value="US73358W4C50"/>
                </identifiers>
                <balance>2980000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3087336.0239999997</valUSD>
                <pctVal>0.843188900864</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>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MICHIGAN FINANCE AUTHORITY</name>
                <lei>54930022O46HOX5J1D14</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>59447TXH1</cusip>
                <identifiers>
                    <isin value="US59447TXH12"/>
                </identifiers>
                <balance>3845000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3714428.03</valUSD>
                <pctVal>1.014455330941</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>
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                <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>926351.7</valUSD>
                <pctVal>0.252997880912</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>
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                <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>1181418.8939999999</valUSD>
                <pctVal>0.322659824181</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>749458.96</valUSD>
                <pctVal>0.204686328865</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>
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                <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>945000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>900070.92</valUSD>
                <pctVal>0.245820281250</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>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>511052.15</valUSD>
                <pctVal>0.139574538467</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>604217.76</valUSD>
                <pctVal>0.165019196154</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>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SALES TAX SECURITIZATION CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>79467BCW3</cusip>
                <identifiers>
                    <isin value="US79467BCW37"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>550980.9</valUSD>
                <pctVal>0.150479564212</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SALES TAX SECURITIZATION CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>79467BCX1</cusip>
                <identifiers>
                    <isin value="US79467BCX10"/>
                </identifiers>
                <balance>1100000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1197909.35</valUSD>
                <pctVal>0.327163567655</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>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY</name>
                <lei>549300ISNGXS0VHGVD41</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>97712D5Q5</cusip>
                <identifiers>
                    <isin value="US97712D5Q53"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1012396.2</valUSD>
                <pctVal>0.276497677117</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>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74439YDR9</cusip>
                <identifiers>
                    <isin value="US74439YDR99"/>
                </identifiers>
                <balance>700000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>670958.61</valUSD>
                <pctVal>0.183246931495</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>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74439YDP3</cusip>
                <identifiers>
                    <isin value="US74439YDP34"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>502078.65</valUSD>
                <pctVal>0.137123766817</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>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>589522.2</valUSD>
                <pctVal>0.161005660540</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>439555.06</valUSD>
                <pctVal>0.120047816315</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>345949.01</valUSD>
                <pctVal>0.094482869124</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>307174.68</valUSD>
                <pctVal>0.083893129478</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>434851.95</valUSD>
                <pctVal>0.118763339950</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>402626.45</valUSD>
                <pctVal>0.109962165179</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>5265000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4978416.05</valUSD>
                <pctVal>1.359665784550</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>BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>118217CW6</cusip>
                <identifiers>
                    <isin value="US118217CW66"/>
                </identifiers>
                <balance>3560000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2705151.44</valUSD>
                <pctVal>0.738809657139</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>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>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>921765</valUSD>
                <pctVal>0.251745197530</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>4866937.128900001</valUSD>
                <pctVal>1.329219539560</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>4414721.5448</valUSD>
                <pctVal>1.205713980610</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>COBB COUNTY KENNESTONE HOSPITAL AUTHORITY</name>
                <lei>549300TB04LETJYNFR44</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>190813SC0</cusip>
                <identifiers>
                    <isin value="US190813SC02"/>
                </identifiers>
                <balance>1400000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1462760.46</valUSD>
                <pctVal>0.399497617009</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-04-01</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>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>445890.8</valUSD>
                <pctVal>0.121778183727</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>2047326</valUSD>
                <pctVal>0.559149553605</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>2415000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2119437.57</valUSD>
                <pctVal>0.578844097696</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>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>2120351.2</valUSD>
                <pctVal>0.579093621127</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>2327297.67</valUSD>
                <pctVal>0.635613211226</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>KANSAS CITY INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>549300QWDXL46XQC8110</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>48504NCL1</cusip>
                <identifiers>
                    <isin value="US48504NCL10"/>
                </identifiers>
                <balance>8980000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>9300065.16</valUSD>
                <pctVal>2.539960554751</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>5</annualizedRt>
                    <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>1474290.75</valUSD>
                <pctVal>0.402646679008</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>1401517.95</valUSD>
                <pctVal>0.382771544987</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>1949754.2</valUSD>
                <pctVal>0.532501512007</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>
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                <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>480471.81</valUSD>
                <pctVal>0.131222676839</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>
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                <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>305560.74</valUSD>
                <pctVal>0.083452342895</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE OF HAWAII HARBOR SYSTEM REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>41981THE6</cusip>
                <identifiers>
                    <isin value="US41981THE64"/>
                </identifiers>
                <balance>1625000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1687017.15</valUSD>
                <pctVal>0.460744838070</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>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>773673.91</valUSD>
                <pctVal>0.211299725306</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>816395.28</valUSD>
                <pctVal>0.222967449433</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>1235098.67</valUSD>
                <pctVal>0.337320421852</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>2131715.57</valUSD>
                <pctVal>0.582197368362</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>933715.38</valUSD>
                <pctVal>0.255008991202</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>1014566.12</valUSD>
                <pctVal>0.277090308579</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>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW YORK CITY HOUSING DEVELOPMENT CORP</name>
                <lei>549300SQWVHKBRF8D702</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64972ETV1</cusip>
                <identifiers>
                    <isin value="US64972ETV10"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1353674</valUSD>
                <pctVal>0.369704782154</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2060-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>2.8</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW YORK CITY HOUSING DEVELOPMENT CORP</name>
                <lei>549300SQWVHKBRF8D702</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64972ETS8</cusip>
                <identifiers>
                    <isin value="US64972ETS80"/>
                </identifiers>
                <balance>2025000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1499181.21</valUSD>
                <pctVal>0.409444565421</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2045-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>2.55</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CSCDA COMMUNITY IMPROVEMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>126292AD3</cusip>
                <identifiers>
                    <isin value="US126292AD39"/>
                </identifiers>
                <balance>2870000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2179189.57</valUSD>
                <pctVal>0.595163093365</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>
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                <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>64971XYB8</cusip>
                <identifiers>
                    <isin value="US64971XYB80"/>
                </identifiers>
                <balance>4125000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3243298.99</valUSD>
                <pctVal>0.885784277867</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-02-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>3</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>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>935298.63</valUSD>
                <pctVal>0.255441395973</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>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>2609039.25</valUSD>
                <pctVal>0.712560252728</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>CALIFORNIA HOUSING FINANCE AGENCY</name>
                <lei>549300BOPCVLBA552Z14</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>13033DAE5</cusip>
                <identifiers>
                    <isin value="US13033DAE58"/>
                </identifiers>
                <balance>2010859.14</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1896094.38</valUSD>
                <pctVal>0.517846364561</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>IOWA TOBACCO SETTLEMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>888805CH9</cusip>
                <identifiers>
                    <isin value="US888805CH95"/>
                </identifiers>
                <balance>1015000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1024878.79</valUSD>
                <pctVal>0.279906823793</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>468869.01</valUSD>
                <pctVal>0.128053811479</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>682858.08</valUSD>
                <pctVal>0.186496821028</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>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1712136</valUSD>
                <pctVal>0.467605100561</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>2598443.31</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2449018.27</valUSD>
                <pctVal>0.668856582900</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>COUNTY OF LINCOLN SD</name>
                <lei>549300USXDZ5FGJLUV88</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>53340EAD9</cusip>
                <identifiers>
                    <isin value="US53340EAD94"/>
                </identifiers>
                <balance>2355000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1931859.96</valUSD>
                <pctVal>0.527614378102</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2061-08-01</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 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>1658394</valUSD>
                <pctVal>0.452927508761</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>MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY</name>
                <lei>549300NSWW1HVXE93T03</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>59465PBA5</cusip>
                <identifiers>
                    <isin value="US59465PBA57"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>986106.75</valUSD>
                <pctVal>0.269317709573</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2059-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>2.73</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/PA</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>613609K96</cusip>
                <identifiers>
                    <isin value="US613609K961"/>
                </identifiers>
                <balance>450000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>427260.78</valUSD>
                <pctVal>0.116690099383</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>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>97712D8S8</cusip>
                <identifiers>
                    <isin value="US97712D8S82"/>
                </identifiers>
                <balance>4865000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4842157.37</valUSD>
                <pctVal>1.322451886960</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>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>467243.5</valUSD>
                <pctVal>0.127609864990</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>6262077H1</cusip>
                <identifiers>
                    <isin value="US6262077H15"/>
                </identifiers>
                <balance>425000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>390521.28</valUSD>
                <pctVal>0.106656096482</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>664099.74</valUSD>
                <pctVal>0.181373690937</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>METROPOLITAN PIER  AND  EXPOSITION AUTHORITY</name>
                <lei>254900I3VDCQ58UGBR15</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>592250EX8</cusip>
                <identifiers>
                    <isin value="US592250EX83"/>
                </identifiers>
                <balance>5000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4757673.5</valUSD>
                <pctVal>1.299378317730</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2047-12-15</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>UPTOWN DEVELOPMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>916856HS9</cusip>
                <identifiers>
                    <isin value="US916856HS94"/>
                </identifiers>
                <balance>725000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>583732.37</valUSD>
                <pctVal>0.159424387768</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-09-01</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>UPTOWN DEVELOPMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>916856HT7</cusip>
                <identifiers>
                    <isin value="US916856HT77"/>
                </identifiers>
                <balance>750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>594181.88</valUSD>
                <pctVal>0.162278275645</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-09-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>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 LAS VEGAS NV SPECIAL IMPROVEMENT DISTRICT NO 816</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>51779AAN9</cusip>
                <identifiers>
                    <isin value="US51779AAN90"/>
                </identifiers>
                <balance>1760000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1292885.09</valUSD>
                <pctVal>0.353102593791</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2041-06-01</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>FX.RT. MUNI BOND</title>
                <cusip>126292AW1</cusip>
                <identifiers>
                    <isin value="US126292AW10"/>
                </identifiers>
                <balance>1900000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1302952.74</valUSD>
                <pctVal>0.355852191073</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>01728LEY4</cusip>
                <identifiers>
                    <isin value="US01728LEY48"/>
                </identifiers>
                <balance>3480000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3821910</valUSD>
                <pctVal>1.043809960124</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2034-01-01</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>01728LFH0</cusip>
                <identifiers>
                    <isin value="US01728LFH06"/>
                </identifiers>
                <balance>750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>726817.35</valUSD>
                <pctVal>0.198502630653</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2046-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>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>1172828.6</valUSD>
                <pctVal>0.320313710736</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>684079.27</valUSD>
                <pctVal>0.186830342823</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>2628730.7</valUSD>
                <pctVal>0.717938226474</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>1361859.4</valUSD>
                <pctVal>0.371940314138</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>GAINESVILLE  AND  HALL COUNTY HOSPITAL AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>362762QQ2</cusip>
                <identifiers>
                    <isin value="US362762QQ20"/>
                </identifiers>
                <balance>2330000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1790726.16</valUSD>
                <pctVal>0.489069026131</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-02-15</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>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>1374710.56</valUSD>
                <pctVal>0.375450121749</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>NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64971XG51</cusip>
                <identifiers>
                    <isin value="US64971XG517"/>
                </identifiers>
                <balance>5875000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4744188.23</valUSD>
                <pctVal>1.295695326990</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2048-08-01</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>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>2548646.91</valUSD>
                <pctVal>0.696066372441</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>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>1192899.5</valUSD>
                <pctVal>0.325795316877</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>FLORIDA DEVELOPMENT FINANCE CORP</name>
                <lei>549300HC854CNBLMWC48</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>34061UHZ4</cusip>
                <identifiers>
                    <isin value="US34061UHZ49"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>418603.6</valUSD>
                <pctVal>0.114325718561</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>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>742866.1</valUSD>
                <pctVal>0.202885738863</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>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74445QDW7</cusip>
                <identifiers>
                    <isin value="US74445QDW78"/>
                </identifiers>
                <balance>750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>575883.08</valUSD>
                <pctVal>0.157280651499</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-09-01</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>1923730.76</valUSD>
                <pctVal>0.525394195019</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>974726.8</valUSD>
                <pctVal>0.266209707251</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>2677159.77</valUSD>
                <pctVal>0.731164792674</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 YORK STATE URBAN DEVELOPMENT CORP</name>
                <lei>54930039Y2EMGXN6LM88</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>64985TCX7</cusip>
                <identifiers>
                    <isin value="US64985TCX72"/>
                </identifiers>
                <balance>1060000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>845897.81</valUSD>
                <pctVal>0.231024948082</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>3</annualizedRt>
                    <isDefault>N</isDefault>
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                    <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>848883.78</valUSD>
                <pctVal>0.231840452693</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>
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                <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>1025382.8</valUSD>
                <pctVal>0.280044475035</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>
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                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY</name>
                <lei>5493007RI8BUDOGHZ546</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>13032UB31</cusip>
                <identifiers>
                    <isin value="US13032UB319"/>
                </identifiers>
                <balance>7565000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>6001303.91</valUSD>
                <pctVal>1.639028861220</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-08-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>3</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW YORK LIBERTY DEVELOPMENT CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>649519EN1</cusip>
                <identifiers>
                    <isin value="US649519EN15"/>
                </identifiers>
                <balance>2335000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1786889.11</valUSD>
                <pctVal>0.488021081254</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-02-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>2.75</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>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>630437.28</valUSD>
                <pctVal>0.172180064967</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>722906.85</valUSD>
                <pctVal>0.197434625690</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>633606.33</valUSD>
                <pctVal>0.173045570945</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>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>1511739.46</valUSD>
                <pctVal>0.412874375760</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>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>506961.55</valUSD>
                <pctVal>0.138457346010</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>
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                <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>1036354.8</valUSD>
                <pctVal>0.283041061266</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>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VIRGINIA SMALL BUSINESS FINANCING AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>928104PX0</cusip>
                <identifiers>
                    <isin value="US928104PX01"/>
                </identifiers>
                <balance>3000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2835286.8</valUSD>
                <pctVal>0.774351201794</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>
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                <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>6059176.2</valUSD>
                <pctVal>1.654834485298</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>
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                <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"/>
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                <balance>1300000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1313714.48</valUSD>
                <pctVal>0.358791352748</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>
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                <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>683384.36</valUSD>
                <pctVal>0.186640554477</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>
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                <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>475320.44</valUSD>
                <pctVal>0.129815775233</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>
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                <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>649519EH4</cusip>
                <identifiers>
                    <isin value="US649519EH47"/>
                </identifiers>
                <balance>3500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2677537.45</valUSD>
                <pctVal>0.731267941661</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2051-11-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>3</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74447DAD9</cusip>
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                    <isin value="US74447DAD93"/>
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                <balance>700000</balance>
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                <curCd>USD</curCd>
                <valUSD>702452.66</valUSD>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2062-02-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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            </invstOrSec>
            <invstOrSec>
                <name>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>74447DAC1</cusip>
                <identifiers>
                    <isin value="US74447DAC11"/>
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                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1012163.5</valUSD>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2052-02-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>DISTRICT OF COLUMBIA</name>
                <lei>549300HWFOZXPKGOX654</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>25483VA46</cusip>
                <identifiers>
                    <isin value="US25483VA468"/>
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                <balance>1370000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1617678.19</valUSD>
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                <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>
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                    <isCashCollateral>N</isCashCollateral>
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            </invstOrSec>
            <invstOrSec>
                <name>DISTRICT OF COLUMBIA</name>
                <lei>549300HWFOZXPKGOX654</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>25483VA61</cusip>
                <identifiers>
                    <isin value="US25483VA617"/>
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                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1767757.35</valUSD>
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                <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>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </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"/>
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                <balance>2150000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2386287.15</valUSD>
                <pctVal>0.651723953438</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>
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                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>UTAH INFRASTRUCTURE AGENCY</name>
                <lei>549300WD2FDRNXU16V82</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>917467CH3</cusip>
                <identifiers>
                    <isin value="US917467CH34"/>
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                <balance>1200000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1240911.12</valUSD>
                <pctVal>0.338907872421</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>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>OHIO HIGHER EDUCATIONAL FACILITY COMMISSION</name>
                <lei>5493007MQT6NGNN6BR81</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>677510CX5</cusip>
                <identifiers>
                    <isin value="US677510CX56"/>
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                <balance>2750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2838356.4</valUSD>
                <pctVal>0.775189546771</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>
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                <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>808206</valUSD>
                <pctVal>0.220730857773</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>
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                <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>1352581.25</valUSD>
                <pctVal>0.369406338879</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>COMMONWEALTH OF MASSACHUSETTS TRANSPORTATION FUND REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>57604TKC9</cusip>
                <identifiers>
                    <isin value="US57604TKC98"/>
                </identifiers>
                <balance>4250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4615028.68</valUSD>
                <pctVal>1.260420287877</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>
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                <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"/>
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                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1727427.6</valUSD>
                <pctVal>0.471781421926</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>
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                <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>1025000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1133782.94</valUSD>
                <pctVal>0.309649867577</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>
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                <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>249182QL3</cusip>
                <identifiers>
                    <isin value="US249182QL34"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1762459.5</valUSD>
                <pctVal>0.481349058564</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>5.5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>TRIBOROUGH BRIDGE  AND  TUNNEL AUTHORITY SALES TAX REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>896035BE1</cusip>
                <identifiers>
                    <isin value="US896035BE11"/>
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                <balance>4400000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4839268.72</valUSD>
                <pctVal>1.321662961622</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2057-05-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEW 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>5953109.8</valUSD>
                <pctVal>1.625866465445</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>
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                <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>735389V62</cusip>
                <identifiers>
                    <isin value="US735389V622"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1077052.8</valUSD>
                <pctVal>0.294156178513</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-08-01</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>ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>04052FDR3</cusip>
                <identifiers>
                    <isin value="US04052FDR38"/>
                </identifiers>
                <balance>2900000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3032005.1</valUSD>
                <pctVal>0.828077354654</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>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WISCONSIN HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY</name>
                <lei>549300ISNGXS0VHGVD41</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>97712D8N9</cusip>
                <identifiers>
                    <isin value="US97712D8N95"/>
                </identifiers>
                <balance>3000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3109964.7</valUSD>
                <pctVal>0.849369066643</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-04-01</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>SOUTH JERSEY TRANSPORTATION AUTHORITY</name>
                <lei>549300W8SZI2CAOKT956</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>838536MR8</cusip>
                <identifiers>
                    <isin value="US838536MR84"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1071980.1</valUSD>
                <pctVal>0.292770762638</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2052-11-01</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>KENTUCKY STATE PROPERTY  AND  BUILDING COMMISSION</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>49151FV49</cusip>
                <identifiers>
                    <isin value="US49151FV496"/>
                </identifiers>
                <balance>3000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3415575.9</valUSD>
                <pctVal>0.932835190776</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2039-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF PIMA/THE</name>
                <lei>549300QDTQ25545R4K19</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>72178AAJ1</cusip>
                <identifiers>
                    <isin value="US72178AAJ16"/>
                </identifiers>
                <balance>350000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>361291.14</valUSD>
                <pctVal>0.098672990844</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2057-11-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>7</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF PIMA/THE</name>
                <lei>549300QDTQ25545R4K19</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>72178AAF9</cusip>
                <identifiers>
                    <isin value="US72178AAF93"/>
                </identifiers>
                <balance>1750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1809508.4</valUSD>
                <pctVal>0.494198683603</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>6.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>COMMONWEALTH OF MASSACHUSETTS</name>
                <lei>5493001N1YCXNI1O7K10</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>57582RY59</cusip>
                <identifiers>
                    <isin value="US57582RY599"/>
                </identifiers>
                <balance>6500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>7083466.65</valUSD>
                <pctVal>1.934580626303</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2052-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>METROPOLITAN NASHVILLE AIRPORT AUTHORITY/THE</name>
                <lei>549300IC0HNF8TDXEE63</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>592190QX3</cusip>
                <identifiers>
                    <isin value="US592190QX33"/>
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                <balance>1125000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1251380.81</valUSD>
                <pctVal>0.341767271701</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>5.5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BUCKS COUNTY WATER AND SEWER AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>118683JZ5</cusip>
                <identifiers>
                    <isin value="US118683JZ53"/>
                </identifiers>
                <balance>2175000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2405043.44</valUSD>
                <pctVal>0.656846523650</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2047-12-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.25</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</name>
                <lei>T5UYO5SYLC8K73MJQX30</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>167486N96</cusip>
                <identifiers>
                    <isin value="US167486N968"/>
                </identifiers>
                <balance>2500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2751711.25</valUSD>
                <pctVal>0.751525705769</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>
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                <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>70868YAZ2</cusip>
                <identifiers>
                    <isin value="US70868YAZ25"/>
                </identifiers>
                <balance>1350000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1520234.46</valUSD>
                <pctVal>0.415194463258</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2062-12-31</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.75</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA</name>
                <lei>JA0WNILDDF2KUPS83B16</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>62620HHN5</cusip>
                <identifiers>
                    <isin value="US62620HHN52"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1587539.4</valUSD>
                <pctVal>0.433576258418</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>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA</name>
                <lei>JA0WNILDDF2KUPS83B16</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>62620HGQ9</cusip>
                <identifiers>
                    <isin value="US62620HGQ92"/>
                </identifiers>
                <balance>1700000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1783890.58</valUSD>
                <pctVal>0.487202146355</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2055-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY OF THE STATE OF MISSOURI</name>
                <lei>549300IWTBCMX5JB3277</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>60636AWD1</cusip>
                <identifiers>
                    <isin value="US60636AWD17"/>
                </identifiers>
                <balance>1150000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>962002.72</valUSD>
                <pctVal>0.262734606729</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2043-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SALT RIVER PROJECT AGRICULTURAL IMPROVEMENT  AND  POWER DISTRICT</name>
                <lei>SHB8HO6GKXJ83RX5OV39</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>79574CFM0</cusip>
                <identifiers>
                    <isin value="US79574CFM01"/>
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                <balance>5460000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>6025170.61</valUSD>
                <pctVal>1.645547146365</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>OHIO HIGHER EDUCATIONAL FACILITY COMMISSION</name>
                <lei>5493007MQT6NGNN6BR81</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>67756DM60</cusip>
                <identifiers>
                    <isin value="US67756DM600"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1118235.4</valUSD>
                <pctVal>0.305403645895</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>5.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ILLINOIS FINANCE AUTHORITY</name>
                <lei>549300ZG6UBPNNNRN315</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>45203NAV1</cusip>
                <identifiers>
                    <isin value="US45203NAV10"/>
                </identifiers>
                <balance>2500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2738312.75</valUSD>
                <pctVal>0.747866412967</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>5.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>ILLINOIS FINANCE AUTHORITY</name>
                <lei>549300ZG6UBPNNNRN315</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>45203NAU3</cusip>
                <identifiers>
                    <isin value="US45203NAU37"/>
                </identifiers>
                <balance>2500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2698153.25</valUSD>
                <pctVal>0.736898366599</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2048-10-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SALES TAX SECURITIZATION CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>79467BGV1</cusip>
                <identifiers>
                    <isin value="US79467BGV18"/>
                </identifiers>
                <balance>1500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1709130.75</valUSD>
                <pctVal>0.466784330349</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>UNIVERSITY OF UTAH/THE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>9151833S4</cusip>
                <identifiers>
                    <isin value="US9151833S43"/>
                </identifiers>
                <balance>3850000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4369684.17</valUSD>
                <pctVal>1.193413727492</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2048-08-01</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>HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY OF THE STATE OF MISSOURI</name>
                <lei>549300IWTBCMX5JB3277</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>60636AVW0</cusip>
                <identifiers>
                    <isin value="US60636AVW07"/>
                </identifiers>
                <balance>1085000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1024110.89</valUSD>
                <pctVal>0.279697100992</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>VILLAGE COMMUNITY DEVELOPMENT DISTRICT NO 15</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>92708KAD9</cusip>
                <identifiers>
                    <isin value="US92708KAD90"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1014731.2</valUSD>
                <pctVal>0.277135393928</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2043-05-01</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>WILLIAMSBURG ECONOMIC DEVELOPMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>969671AU0</cusip>
                <identifiers>
                    <isin value="US969671AU08"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>553673.7</valUSD>
                <pctVal>0.151215000541</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>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>HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY OF THE STATE OF MISSOURI</name>
                <lei>549300IWTBCMX5JB3277</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>60636AWS8</cusip>
                <identifiers>
                    <isin value="US60636AWS85"/>
                </identifiers>
                <balance>1950000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1593995.72</valUSD>
                <pctVal>0.435339557690</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>TEXAS PUBLIC FINANCE AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>88277PBB0</cusip>
                <identifiers>
                    <isin value="US88277PBB04"/>
                </identifiers>
                <balance>400000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>440064.2</valUSD>
                <pctVal>0.120186868622</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>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>TEXAS PUBLIC FINANCE AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>88277PBC8</cusip>
                <identifiers>
                    <isin value="US88277PBC86"/>
                </identifiers>
                <balance>400000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>438200.2</valUSD>
                <pctVal>0.119677787621</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>5.25</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>TEXAS PUBLIC FINANCE AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>88277PBD6</cusip>
                <identifiers>
                    <isin value="US88277PBD69"/>
                </identifiers>
                <balance>400000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>436717.12</valUSD>
                <pctVal>0.119272740492</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.25</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>HEALTH  AND  EDUCATIONAL FACILITIES AUTHORITY OF THE STATE OF MISSOURI</name>
                <lei>549300IWTBCMX5JB3277</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>60636AWA7</cusip>
                <identifiers>
                    <isin value="US60636AWA77"/>
                </identifiers>
                <balance>1750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1562106.18</valUSD>
                <pctVal>0.426630137668</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 HAMPSHIRE BUSINESS FINANCE AUTHORITY</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>63607WAN4</cusip>
                <identifiers>
                    <isin value="US63607WAN48"/>
                </identifiers>
                <balance>1790210.83</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1689268.9</valUSD>
                <pctVal>0.461359818297</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2038-01-20</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>3.875</annualizedRt>
                    <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>939783Q66</cusip>
                <identifiers>
                    <isin value="US939783Q661"/>
                </identifiers>
                <balance>2030000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2090327.54</valUSD>
                <pctVal>0.570893795556</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2043-07-01</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 O'HARE INTERNATIONAL AIRPORT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>1675934D1</cusip>
                <identifiers>
                    <isin value="US1675934D10"/>
                </identifiers>
                <balance>1950000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2167755.14</valUSD>
                <pctVal>0.592040211894</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2041-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHICAGO O'HARE INTERNATIONAL AIRPORT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>1675934E9</cusip>
                <identifiers>
                    <isin value="US1675934E92"/>
                </identifiers>
                <balance>1465000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1622058.84</valUSD>
                <pctVal>0.443003936016</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2042-01-01</maturityDt>
                    <couponKind>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>WASHINGTON STATE HOUSING FINANCE COMMISSION</name>
                <lei>549300YL1HU59NREG764</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>93978T4M8</cusip>
                <identifiers>
                    <isin value="US93978T4M89"/>
                </identifiers>
                <balance>2596106.07</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2303201.44</valUSD>
                <pctVal>0.629032238656</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2037-04-20</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>3.375</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>TEXAS WATER DEVELOPMENT BOARD</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>88285ADS4</cusip>
                <identifiers>
                    <isin value="US88285ADS42"/>
                </identifiers>
                <balance>3000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3238711.8</valUSD>
                <pctVal>0.884531460660</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2048-10-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4.875</annualizedRt>
                    <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>01728LHD7</cusip>
                <identifiers>
                    <isin value="US01728LHD73"/>
                </identifiers>
                <balance>5000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>5544766.5</valUSD>
                <pctVal>1.514342959217</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>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>SAN FRANCISCO CITY  AND  COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT</name>
                <lei>54930055TIDYHNDP4F84</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>79766DVT3</cusip>
                <identifiers>
                    <isin value="US79766DVT35"/>
                </identifiers>
                <balance>5765000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>6625275.21</valUSD>
                <pctVal>1.809442988652</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>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>GREAT LAKES WATER AUTHORITY SEWAGE DISPOSAL SYSTEM REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>39081HFF4</cusip>
                <identifiers>
                    <isin value="US39081HFF47"/>
                </identifiers>
                <balance>1375000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1558758.03</valUSD>
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                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2048-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GREAT LAKES WATER AUTHORITY SEWAGE DISPOSAL SYSTEM REVENUE</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>39081HFG2</cusip>
                <identifiers>
                    <isin value="US39081HFG20"/>
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                <balance>1700000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1908321.4</valUSD>
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                <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>5.25</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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            </invstOrSec>
            <invstOrSec>
                <name>NEW YORK TRANSPORTATION DEVELOPMENT CORP</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>650116GY6</cusip>
                <identifiers>
                    <isin value="US650116GY64"/>
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                <balance>2400000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2650652.16</valUSD>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2054-06-30</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>6</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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            </invstOrSec>
            <invstOrSec>
                <name>CHICAGO MIDWAY INTERNATIONAL AIRPORT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>167562TL1</cusip>
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                    <isin value="US167562TL19"/>
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                <balance>2250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2456479.58</valUSD>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2040-01-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>KNOX COUNTY HEALTH EDUCATIONAL  AND  HOUSING FACILITY BOARD</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>499526AU5</cusip>
                <identifiers>
                    <isin value="US499526AU52"/>
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                <balance>3415000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3564347.17</valUSD>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2064-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DETROIT CITY SCHOOL DISTRICT</name>
                <lei>N/A</lei>
                <title>FX.RT. MUNI BOND</title>
                <cusip>251129ZY1</cusip>
                <identifiers>
                    <isin value="US251129ZY14"/>
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                <balance>835000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>921051.43</valUSD>
                <pctVal>0.251550312912</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2029-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>6</annualizedRt>
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                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>CSCDA COMMUNITY IMPROVEMENT AUTHORITY</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>126292AF8</cusip>
                <identifiers>
                    <isin value="US126292AF86"/>
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                <balance>1425000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1001487.58</valUSD>
                <pctVal>0.273518400733</pctVal>
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                <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>3.125</annualizedRt>
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                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>FREDDIE MAC MULTIFAMILY ML CERTIFICATES</name>
                <lei>S6XOOCT0IEG5ABCC6L87</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>3137HB2V5</cusip>
                <identifiers>
                    <isin value="US3137HB2V56"/>
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                <balance>2693893.64</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2590128.09</valUSD>
                <pctVal>0.707395385642</pctVal>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2036-12-25</maturityDt>
                    <couponKind>Variable</couponKind>
                    <annualizedRt>3.996</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GRAYS HARBOR COUNTY PUBLIC HOSPITAL DISTRICT NO 1</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>389526AH7</cusip>
                <identifiers>
                    <isin value="US389526AH78"/>
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                <balance>4000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4236848</valUSD>
                <pctVal>1.157134558880</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>6.875</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LANCASTER COUNTY HOSPITAL AUTHORITY/PA</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>514045X81</cusip>
                <identifiers>
                    <isin value="US514045X813"/>
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                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2121872</valUSD>
                <pctVal>0.579508970046</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>5.125</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>WASHINGTON STATE HOUSING FINANCE COMMISSION</name>
                <lei>549300YL1HU59NREG764</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>93978LGQ3</cusip>
                <identifiers>
                    <isin value="US93978LGQ32"/>
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                <balance>2750000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>3040510.83</valUSD>
                <pctVal>0.830400372646</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2059-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>6.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UTAH INFRASTRUCTURE AGENCY</name>
                <lei>549300WD2FDRNXU16V82</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>917467CP5</cusip>
                <identifiers>
                    <isin value="US917467CP59"/>
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                <balance>1650000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1811768.15</valUSD>
                <pctVal>0.494815848726</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2047-10-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>6</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>LAKEWOOD RANCH STEWARDSHIP DISTRICT</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>51265KFJ2</cusip>
                <identifiers>
                    <isin value="US51265KFJ25"/>
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                <balance>1350000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1406512.08</valUSD>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2054-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>6.3</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>74439YEU1</cusip>
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                    <isin value="US74439YEU10"/>
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                <balance>1000000</balance>
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                <curCd>USD</curCd>
                <valUSD>1053693.9</valUSD>
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                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2063-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.75</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>CLIFTON HIGHER EDUCATION FINANCE CORP</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>187145SA6</cusip>
                <identifiers>
                    <isin value="US187145SA66"/>
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                <balance>2000000</balance>
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                <curCd>USD</curCd>
                <valUSD>1973791.2</valUSD>
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                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2048-04-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4.25</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>PASSAIC COUNTY IMPROVEMENT AUTHORITY/THE</name>
                <lei>N/A</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>70275QAD5</cusip>
                <identifiers>
                    <isin value="US70275QAD51"/>
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                <balance>550000</balance>
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                <curCd>USD</curCd>
                <valUSD>569370.73</valUSD>
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                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2058-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.5</annualizedRt>
                    <isDefault>N</isDefault>
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                    <isPaidKind>N</isPaidKind>
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                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>MARYLAND ECONOMIC DEVELOPMENT CORP</name>
                <lei>549300JJ16DDBSZWSN94</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>57420VSP9</cusip>
                <identifiers>
                    <isin value="US57420VSP93"/>
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                <balance>1725000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1891035.05</valUSD>
                <pctVal>0.516464600195</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2058-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>6</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <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"/>
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                <balance>2250000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2835130.28</valUSD>
                <pctVal>0.774308454284</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>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</name>
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                    <isin value="US57583UC480"/>
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                <fairValLevel>2</fairValLevel>
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            <invstOrSec>
                <name>CHICAGO BOARD OF EDUCATION</name>
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                <cusip>167505QR0</cusip>
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                    <isin value="US167505QR08"/>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2039-12-01</maturityDt>
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            <invstOrSec>
                <name>DISTRICT OF COLUMBIA</name>
                <lei>549300HWFOZXPKGOX654</lei>
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                    <isin value="US25483VSG04"/>
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                <balance>500000</balance>
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                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2052-07-01</maturityDt>
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            <invstOrSec>
                <name>NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP</name>
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                <cusip>64542YAM8</cusip>
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                    <isin value="US64542YAM84"/>
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                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2053-07-01</maturityDt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP</name>
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                    <isin value="US64542YBG08"/>
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                <fairValLevel>2</fairValLevel>
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                    <maturityDt>2053-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>CLIFTON HIGHER EDUCATION FINANCE CORP</name>
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                <cusip>187145JT5</cusip>
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                    <isin value="US187145JT58"/>
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                <balance>1150000</balance>
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                <curCd>USD</curCd>
                <valUSD>1182131</valUSD>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2048-08-15</maturityDt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>METROPOLITAN TRANSPORTATION AUTHORITY</name>
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                <cusip>59261AG43</cusip>
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                    <isin value="US59261AG435"/>
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                <balance>1500000</balance>
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                <curCd>USD</curCd>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-11-15</maturityDt>
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                    <annualizedRt>5</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>METROPOLITAN GOVERNMENT NASHVILLE  AND  DAVIDSON COUNTY HEALTH  AND  EDUCATIONAL FACS BD</name>
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                <cusip>592041YV3</cusip>
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                    <isin value="US592041YV36"/>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2055-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>PUBLIC FINANCE AUTHORITY</name>
                <lei>5493004S6D3NA627K012</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>74448GAA7</cusip>
                <identifiers>
                    <isin value="US74448GAA76"/>
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                <balance>2750000</balance>
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                <curCd>USD</curCd>
                <valUSD>2853929.65</valUSD>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2062-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.75</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRICT</name>
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                    <isin value="US59561TAQ67"/>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2050-08-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</annualizedRt>
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            <invstOrSec>
                <name>CSCDA COMMUNITY IMPROVEMENT AUTHORITY</name>
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                <cusip>126292AR2</cusip>
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                    <isin value="US126292AR25"/>
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                <valUSD>1815099.99</valUSD>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2056-12-01</maturityDt>
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                    <annualizedRt>3</annualizedRt>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>CSCDA COMMUNITY IMPROVEMENT AUTHORITY</name>
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                    <isin value="US126292BB63"/>
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                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2057-03-01</maturityDt>
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                    <annualizedRt>3</annualizedRt>
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            <invstOrSec>
                <name>COMMONWEALTH OF PUERTO RICO</name>
                <lei>549300X44HXPLJU48U63</lei>
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                <cusip>74514L3N5</cusip>
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                    <isin value="US74514L3N58"/>
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                    <maturityDt>2041-07-01</maturityDt>
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            <invstOrSec>
                <name>COMMONWEALTH OF PUERTO RICO</name>
                <lei>549300X44HXPLJU48U63</lei>
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                <cusip>74514L3M7</cusip>
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                    <isin value="US74514L3M75"/>
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                <invCountry>PR</invCountry>
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                    <maturityDt>2037-07-01</maturityDt>
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            <invstOrSec>
                <name>PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY</name>
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                <cusip>69651ACD4</cusip>
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                    <isin value="US69651ACD46"/>
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            <invstOrSec>
                <name>CITY  AND  COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE</name>
                <lei>N/A</lei>
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                <cusip>249182QW9</cusip>
                <identifiers>
                    <isin value="US249182QW98"/>
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                <invCountry>US</invCountry>
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                    <maturityDt>2047-11-15</maturityDt>
                    <couponKind>Fixed</couponKind>
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                    <isCashCollateral>N</isCashCollateral>
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            </invstOrSec>
            <invstOrSec>
                <name>CITY OF RAMSEY MN</name>
                <lei>549300PYUDKBK3S78343</lei>
                <title>MUNI ORIG ISSUE DISC</title>
                <cusip>751814AA2</cusip>
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                    <isin value="US751814AA28"/>
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                <invCountry>US</invCountry>
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                <debtSec>
                    <maturityDt>2032-06-01</maturityDt>
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                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>PARISH OF ST JOHN THE BAPTIST LA</name>
                <lei>N/A</lei>
                <title>MUNI PUT BOND ACT</title>
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                    <isin value="US79020FAY25"/>
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                <balance>3010000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2855892.21</valUSD>
                <pctVal>0.779978789097</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>KENTUCKY PUBLIC ENERGY AUTHORITY</name>
                <lei>549300XEJZWHYSY4SL55</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>3003521.4</valUSD>
                <pctVal>0.820298110831</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>4515188.9</valUSD>
                <pctVal>1.233152833442</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>CITY OF DETROIT MI</name>
                <lei>549300BQRJP7MKKHOY28</lei>
                <title>MUNI STEP UP BOND</title>
                <cusip>251093S84</cusip>
                <identifiers>
                    <isin value="US251093S844"/>
                </identifiers>
                <balance>1700000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1286551.67</valUSD>
                <pctVal>0.351372859999</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2044-04-01</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>NORTH TEXAS TOLLWAY AUTHORITY</name>
                <lei>PQGZGRE0F2WPMYQQ1B78</lei>
                <title>MUNI STEP UP BOND</title>
                <cusip>66285WEF9</cusip>
                <identifiers>
                    <isin value="US66285WEF95"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2059708.2</valUSD>
                <pctVal>0.562531282555</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>MUN</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2043-01-01</maturityDt>
                    <couponKind>Variable</couponKind>
                    <annualizedRt>6.5</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>METROPOLITAN PIER  AND  EXPOSITION AUTHORITY</name>
                <lei>254900I3VDCQ58UGBR15</lei>
                <title>MUNI STEP UP BOND</title>
                <cusip>592250CW2</cusip>
                <identifiers>
                    <isin value="US592250CW29"/>
                </identifiers>
                <balance>1000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>767569</valUSD>
                <pctVal>0.209632400366</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>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>1989200.66</valUSD>
                <pctVal>0.543274818505</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>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>1777197.7</valUSD>
                <pctVal>0.485374239678</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>9399487.2</valUSD>
                <pctVal>2.567113919327</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>PUTNAM SHORT TERM INVESTMENT FUND</name>
                <lei>5493003MK0Q7JP8CPP42</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>74676P664</cusip>
                <identifiers>
                    <isin value="US74676P6640"/>
                </identifiers>
                <balance>7960604</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>7960604</valUSD>
                <pctVal>2.174137471526</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>912797LL9</cusip>
                <identifiers>
                    <isin value="US912797LL96"/>
                </identifiers>
                <balance>500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>496415.18</valUSD>
                <pctVal>0.135577004493</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>UST</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2024-03-21</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>
        </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>2024-03-27</ncom:dateSigned>
            <ncom:nameOfApplicant>Putnam Municipal Opportunities Trust</ncom:nameOfApplicant>
            <ncom:signature>Janet C. Smith</ncom:signature>
            <ncom:signerName>Janet C. Smith</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_582nport013124.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">1/31/24
(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">FHA
Insd.&nbsp;&mdash; Federal Housing Administration Insured</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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>
   <TD WIDTH="2%" STYLE="text-align: left"></td>
   <td width=2%></td>
   <td width=20%></td>
   <td width=20%></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">MUNICIPAL
BONDS AND NOTES (132.9%)<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="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
(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">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">$2,209,145</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">293,206</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">2,502,351</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
(1.6%)</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">AK
State Indl. Dev. &amp; Export Auth. Rev. Bonds, (Dena' Nena' Henash), 4.00%, 10/1/44</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A+/F</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,050,000</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">5,845,174</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">5,845,174</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
(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">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">2,076,781</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">2,677,160</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">1,172,829</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">684,079</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">474,081</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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. National Charter School Revolving Loan Fund Rev. Bonds, (Equitable School Revolving Fund, LLC), 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">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">2,900,000</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">3,032,005</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">357,097</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">753,010</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">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">99,611</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">1,004,288</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pima
Cnty., Indl. Dev. Auth. Sr. Living 144A Rev. Bonds, (La Posada at Park Centre, 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">7.00%,
11/15/57</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">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">361,291</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">6.25%,
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">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">1,750,000</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">1,809,508</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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
River Project Agricultural Impt. &amp; Pwr. Dist. Elec. Syst. Rev. Bonds, Ser. A, 5.00%, 1/1/50</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">5,460,000</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">6,025,171</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">1,456,619</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">21,983,530</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
(9.0%)</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">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">468,869</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">2,010,859</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,896,094</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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 Hlth. Fac. Fin. Auth. Rev. Bonds, (Cedars-Sinai Med. Ctr.), Ser. A, 3.00%, 8/15/51</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">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">7,565,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,001,304</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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), 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">2,548,647</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">2,628,731</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">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">1,815,100</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">2,870,000</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">2,179,190</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">(Jefferson-Anaheim),
3.125%, 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">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">1,001,488</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">438,380</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">1,302,953</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">1,352,581</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">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">808,206</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">974,727</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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, 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">506,962</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">2,386,287</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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
Francisco, City &amp; Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. C, 5.50%, 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">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">5,765,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,625,275</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">32,934,794</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
(5.0%)</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CO
State Hlth. Fac. Auth. Rev. Bonds, (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">1,006,937</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">550,472</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">(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">2,327,298</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">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">1,727,428</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">5.50%,
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">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">1,762,460</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">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">1,133,783</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%,
11/15/47</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">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">5,000,000</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">4,908,688</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">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">2,250,000</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">2,835,130</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">816,395</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">773,674</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">480,472</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">18,322,737</FONT></td>
</tr>

<tr>
<td></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Connecticut
(0.6%)</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">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">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">2,025,329</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">2,025,329</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 (3.2%)</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">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">1,767,757</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">1,617,678</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">422,612</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">1,401,518</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">1,949,754</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">1,474,291</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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</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">(Dulles
Metrorail &amp; Cap. Impt. Proj.) 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">1,181,419</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">(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">1,989,201</FONT></td>
</tr>

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

<tr>
<td></td>
<td></td>
<td></td>
<TD STYLE="text-align: left"></td>
<td></td>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,804,230</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
(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">Federal
Home Loan Mortgage Corp. Multi-Fam. ML Certif., 3.996%, 12/25/36</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">2,693,894</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,590,128</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 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">683,384</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</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 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">1,300,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,313,714</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</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 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">475,320</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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. 144A Rev. Bonds, (Drs. Kiran &amp; Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 4.00%,
7/1/51</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">418,604</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">1,162,884</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">749,459</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">2,297,263</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Lakewood
Ranch, Stewardship Dist. Special Assmt. Bonds, (Taylor Ranch), 6.30%, 5/1/54</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">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">1,350,000</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">1,406,512</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">1,355,953</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Palm
Beach Cnty., 144A Rev. Bonds, (PBAU Hsg.), Ser. A, 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">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">1,600,000</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">1,602,054</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">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">1,563,930</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">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">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">503,276</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">360,375</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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
Cmnty. Dev. Dist. No. 15 144A Special Assmt. Bonds, 5.00%, 5/1/43</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">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">1,014,731</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">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">2,415,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,119,438</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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</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">(Embry-Riddle
Aeronautical U., Inc.), Ser. A, 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">A1</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">600,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">604,218</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">(Embry-Riddle
Aeronautical University, Inc.), Ser. A, 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">A1</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">511,052</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">20,732,295</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
(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">Cobb
Cnty., Kennestone Hosp. Auth. Rev. Bonds, (WellStar Hlth. Syst.), 5.00%, 4/1/50</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A+</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">1,462,760</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">Gainesville
and Hall Cnty., Hosp. Auth. Rev. Bonds, (Northeast GA Hlth. Syst.), 3.00%, 2/15/51</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,330,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,790,726</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">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">664,100</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%, 7/1/55</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">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">1,783,891</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%, 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">1,500,000</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">1,587,539</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">467,244</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">390,521</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">Paulding
Cnty., Hosp. Auth. Rev. Bonds, (WellStar Hlth. Syst.), 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">1,511,739</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">9,658,520</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">305,561</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%, 7/1/34</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">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">1,687,017</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">1,992,578</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
(15.0%)</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">Chicago,
G.O. Bonds, Ser. A, 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">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">2,500,000</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">2,751,711</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">2,241,929</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">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">2,609,039</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">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">506,078</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">Chicago,
Midway Intl. Arpt. Rev. Bonds, Ser. C, 5.00%, 1/1/40</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">2,456,480</FONT></td>
</tr>

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

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; 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">BAM,
5.25%, 1/1/42</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">1,465,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,622,059</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">BAM,
5.25%, 1/1/41</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">1,950,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,167,755</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%, 1/1/38</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">104,849</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%, 1/1/37</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">316,141</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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
Fin. Auth. Rev. Bonds, (U. of IL)</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%,
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">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">2,500,000</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">2,738,313</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%,
10/1/48</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">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">2,500,000</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">2,698,153</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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, 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%,
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">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">1,573,374</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%,
12/1/31</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">A3</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,750,000</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">6,120,974</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">932,322</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">506,218</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">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">Aa2</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,100,000</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">1,137,866</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">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">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">641,558</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">(CHF-Chicago,
LLC), 5.00%, 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">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">1,949,230</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">1,009,326</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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</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">(McCormick
Place Expansion), 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">926,352</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%,
12/15/47</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">A</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,000,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,757,674</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">(McCormick
Place Expansion), Ser. B, stepped-coupon zero % (4.70%, 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">767,569</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">9,399,487</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">(Second
Lien), Ser. A, BAM, 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">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">1,100,000</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">1,197,909</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">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">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">550,981</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%, 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">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">1,709,131</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">1,777,198</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">55,169,676</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
(0.9%)</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">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">1,831,747</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">1,374,711</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">3,206,458</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">1,361,859</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">1,015,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,024,879</FONT></td>
</tr>

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

<tr>
<td></td>
<td></td>
<td></td>
<TD STYLE="text-align: left"></td>
<td></td>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,386,738</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
(2.1%)</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.
127), Ser. A, 5.25%, 6/1/39</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">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">3,415,576</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">768,151</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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 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">3,003,521</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">Louisville,
Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A, 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">385,245</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">7,572,493</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
(1.1%)</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">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">2,855,892</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">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">1,250,000</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">1,192,900</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">4,048,792</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">Maryland
(1.0%)</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">453,797</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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</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">(Morgan
View &amp; Thurgood Marshall Student Hsg.), Ser. A, 6.00%, 7/1/58</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">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">1,725,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,891,035</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">(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">1,235,099</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">3,579,931</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">Massachusetts
(4.3%)</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">MA
State G.O. Bonds, Ser. C, 5.00%, 10/1/52</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">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">6,500,000</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">7,083,467</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">B</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">500,043</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">1,007,206</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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 Port Auth. Rev. Bonds, Ser. B, 4.00%, 7/1/46</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">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">2,500,000</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">2,411,107</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">MA
State Trans. Fund Rev. Bonds, (Rail Enhancement Program), Ser. A, 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">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">4,250,000</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">4,615,029</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">15,616,852</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
(6.1%)</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">Detroit,
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">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">221,949</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">(Fin.
Recvy.), Ser. B-1, 4.00%, 4/1/44</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB/P</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">1,286,552</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">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">921,051</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
Lakes, Wtr. Auth. Sewage Disp. Syst. Rev. Bonds, Ser. C</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%,
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">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">1,908,321</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">5.25%,
7/1/48</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">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">1,375,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,558,758</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">1,705,642</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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, (Trinity Hlth. Corp.), Ser. A, 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">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">3,845,000</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">3,714,428</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">633,606</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MI
State Hsg. Dev. Auth. Rev. Bonds, Ser. A, 2.73%, 10/1/59</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 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">1,500,000</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">986,107</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">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%,
5/1/50<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">4,866,937</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%,
5/1/45<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">4,414,722</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">22,218,073</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">Ramsey,
Charter School Rev. Bonds, (PACT Charter School), Ser. A, 5.00%, 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">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">2,015,678</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">2,015,678</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
(7.1%)</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">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">(Kansas
City, Intl. Arpt.), AGM, 5.00%, 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">8,980,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,300,067</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">5.00%,
3/1/46</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">3,235,486</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">6,281,048</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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 Hlth. &amp; Edl. 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 Hlth. Sciences &amp; Pharmacy in St. Louis), 4.00%, 5/1/43</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">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">962,003</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 Hlth. Sciences &amp; Pharmacy in St. Louis), 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">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">1,750,000</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">1,562,106</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 Hlth. Sciences &amp; Pharmacy in St. Louis), 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">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">1,085,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,024,111</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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 Hlth. &amp; Edl. Fac. 144A Rev. Bonds, (U. of Hlth. Sciences &amp; Pharmacy in St. Louis), 4.00%, 5/1/45</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB-</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,950,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,593,996</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">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">2,120,351</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">26,079,168</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
(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">Las
Vegas, Special Assmt. Bonds, (Special Impt. Dist. No. 816), 3.00%, 6/1/41</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">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">1,760,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,292,885</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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, 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">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">945,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">900,071</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">2,192,956</FONT></td>
</tr>

<tr>
<td></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">New
Hampshire (2.9%)</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">National
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">(Caritas
Acquisitions VII, LLC), Ser. A, 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">2,131,716</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">(Caritas
Acquisitions VII, LLC), Ser. A, 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">1,014,566</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">(Caritas
Acquisitions VII, LLC), Ser. A, 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">933,715</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">(NH
Bus. Fin. Auth.), Ser. 23-2, 3.875%, 1/20/38</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,790,211</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,689,269</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">1,025,383</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">848,884</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">(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">512,097</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">2,561,829</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">10,717,459</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 (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">NJ
State Trans. Trust Fund Auth. Rev. Bonds, 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">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">682,858</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Passaic
Cnty., Impt. Auth. Rev. Bonds, (Paterson Arts &amp; Science Charter School), 5.50%, 7/1/58</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">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">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">569,371</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">South
Jersey, Trans. Auth. Syst. Rev. Bonds, Ser. A, 5.25%, 11/1/52</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+</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; 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">1,071,980</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">2,324,209</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">864,528</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">1,311,051</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">2,175,579</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 (13.6%)</FONT></td>
</tr>

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

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; 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">1,573,963</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">1,013,930</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NY
City, Hsg. Dev. Corp. Multi-Fam. Hsg. 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.
I-1, 2.80%, 11/1/60</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">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">1,353,674</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">(Sustainability
Bonds), Ser. I-1, FHA Insd., 2.55%, 11/1/45</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">2,025,000</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">1,499,181</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">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">(Future
Tax Secd.), Ser. E-1, 3.00%, 2/1/51</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">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">4,125,000</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">3,243,299</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-1, 3.00%, 8/1/48</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">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">5,875,000</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">4,744,188</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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
Counties, Tobacco Trust VI Rev. Bonds, Ser. A-2B, 5.00%, 6/1/45</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BB+</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</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">961,870</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NY
State Dorm. Auth. Personal Income Tax Rev. Bonds, Ser. 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">6,059,176</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">NY
State Liberty 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">Ser.
A, BAM, 3.00%, 11/15/51</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">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">2,677,537</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">(Port
Auth. of NY &amp; NJ), Ser. 1WTC, 2.75%, 2/15/44</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">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">2,335,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,786,889</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">2,002,293</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">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">5,953,110</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">(JFK
New Terminal One, LLC), 6.00%, 6/30/54</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">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">2,400,000</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">2,650,652</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">(Laguardia
Arpt. Term. B Redev. Program), Ser. A, 5.00%, 7/1/46</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">Baa2</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">500,064</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">2,047,326</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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 Urban Dev. Corp. Rev. Bonds, (Bidding Group 4), Ser. A, 3.00%, 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">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">1,060,000</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">845,898</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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</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.
218, 5.00%, 11/1/49<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">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">2,980,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,087,336</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.
207, 5.00%, 9/15/29</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">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">2,925,000</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">3,119,787</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Triborough
Bridge &amp; Tunnel Auth. Sales Tax Rev. Bonds, 5.25%, 5/15/57</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">4,400,000</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">4,839,269</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">49,959,442</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">935,299</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">1,658,394</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">445,891</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">3,039,584</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
(5.5%)</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">Buckeye,
Tobacco Settlement Fin. Auth. Rev. Bonds</FONT></td>
<td></td>
<TD STYLE="text-align: left"></td>
<td></td>
<td></td>
<td></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; 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-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">5,265,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,978,416</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-2, Class 1, 3.00%, 6/1/48</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,560,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,705,151</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">501,429</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Montgomery
Cnty., Hosp. Rev. Bonds, (Kettering Hlth. Network), 4.00%, 8/1/47</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">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">3,000,000</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">2,810,786</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">(Oberlin
College), 5.25%, 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">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">1,000,000</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">1,118,235</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">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">2,838,356</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">3,547,327</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">617,517</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">761,922</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">Southeastern
OH Port Auth. Hosp. Fac. Rev. Bonds, (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">112,510</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">19,991,649</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
(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">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">921,765</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">629,027</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">1,559,571</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">3,110,363</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
(6.6%)</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">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">AGM,
5.50%, 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">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">5,000,000</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">5,544,767</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%,
1/1/34</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">3,480,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,821,910</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%, 1/1/46</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AA</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">726,817</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Bucks
Cnty., Wtr. &amp; Swr. Auth. Rev. Bonds, Ser. A, AGM, 5.25%, 12/1/47</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">2,175,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,405,043</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">202,026</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">1,011,043</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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</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">(Masonic
Villages of the Grand Lodge of PA), 5.125%, 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">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">2,000,000</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">2,121,872</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">(St.
Anne's Retirement Cmnty.), 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">402,626</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">(St.
Anne's Retirement Cmnty.), 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">434,852</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">882,181</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">Montgomery
Cnty., Indl. Dev. Auth. Rev. Bonds, (Pub. School of Germantown (The)), 4.00%, 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">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">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">427,261</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">PA
State Econ. Dev. Fin. Auth. Rev. Bonds, (PennDOT Major Bridges), AGM, 5.75%, 12/31/62</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">1,350,000</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">1,520,234</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">4,515,189</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">24,015,821</FONT></td>
</tr>

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

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cmnwlth.
of PR, G.O. Bonds, Ser. A-1</FONT></td>
<td></td>
<TD STYLE="text-align: left"></td>
<td></td>
<td></td>
<td></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; 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">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">5,000,000</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">4,575,612</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%,
7/1/37</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">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">1,175,502</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">5,751,114</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 (0.8%)</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">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">2,763,228</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">2,763,228</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 (1.0%)</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Lincoln
Cnty., Econ. Dev. 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">(Augustana
College Assoc. (The)), 4.00%, 8/1/61</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">2,355,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,931,860</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">(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">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">1,712,136</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">3,643,996</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
(1.7%)</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Knox
Cnty., Hlth. Ed. &amp; Hsg. Fac. Board Student Hsg. Rev. Bonds, (Provident Group - UTK Properties, LLC), Ser. A-1, BAM, 5.00%, 7/1/64</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 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">3,415,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,564,347</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">1,578,213</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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.
Nashville, Arpt. Auth. Rev. Bonds, Ser. B, 5.50%, 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">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">1,125,000</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">1,251,381</FONT></td>
</tr>

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

<tr>
<td></td>
<td></td>
<td></td>
<TD STYLE="text-align: left"></td>
<td></td>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,393,941</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
(7.0%)</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">Arlington,
Higher Ed. Fin. Corp. Rev. Bonds, (Uplift Ed.), 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">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">511,498</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">1,076,319</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%,
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">547,118</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">Clifton,
Higher Ed. Fin. Corp. 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">(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">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">1,150,000</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">1,182,131</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">310,009</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">(YES
Prep Pub. Schools, Inc.), PSFG, 4.25%, 4/1/48</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">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">2,000,000</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">1,973,791</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; 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">1,036,355</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">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">1,346,367</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">927,936</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">(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">767,666</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">1,015,037</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">1,923,731</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">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">1,531,830</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">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">(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">930,600</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">930,600</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">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">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">2,000,000</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">2,059,708</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">2,012,456</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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 Pub. Fin. Auth. Rev. Bonds, (TX Southern U.), BAM</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%,
5/1/42</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">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">436,717</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">5.25%,
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">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">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">438,200</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">5.25%,
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">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">400,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">440,064</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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
Wtr. Dev. Board State Wtr. Implementation Rev. Bonds, Ser. A, 4.875%, 10/15/48</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">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">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">3,238,712</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Uptown
Dev. Auth. Tax Alloc. Bonds, (City of Houston Reinvestment Zone No. 16)</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">3.00%,
9/1/40</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">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">594,182</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%,
9/1/39</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">725,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">583,732</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">25,814,759</FONT></td>
</tr>

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

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Infrastructure
Agcy. Telecomm. 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">6.00%,
10/15/47</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">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">1,650,000</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">1,811,768</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%,
10/15/37</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">1,240,911</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">1,307,035</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">U.
of UT (The) Rev. Bonds, Ser. B, 5.25%, 8/1/48</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">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">3,850,000</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">4,369,684</FONT></td>
</tr>

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

<tr>
<td></td>
<td></td>
<td></td>
<TD STYLE="text-align: left"></td>
<td></td>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,729,398</FONT></td>
</tr>

<tr>
<td></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 12; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Virginia
(1.3%)</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">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">2,835,287</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">722,907</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">630,437</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Williamsburg,
Econ. Dev. Auth. Student Hsg. Rev. Bonds, (Provident Group - Williamsburg Properties, LLC), AGM, 5.25%, 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">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">553,674</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">4,742,305</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
(4.8%)</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">Grays
Harbor Cnty., Pub. Hosp. Dist. No. 1 Rev. Bonds, 6.875%, 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">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">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">4,236,848</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">2,490,837</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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. B, 5.00%, 8/1/40</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">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">1,077,053</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">WA
State Hsg. Fin. 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">(Eastside
Retirement Assn.), Ser. A, 5.00%, 7/1/43</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-/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">2,030,000</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">2,090,328</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">(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">2,598,443</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,449,018</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.
1, Class A, 3.375%, 4/20/37</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</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,596,106</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,303,201</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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. Nonprofit 144A Rev. Bonds, (Seattle Academy of Arts &amp; Sciences), 6.25%, 7/1/59</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 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">2,750,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,040,511</FONT></td>
</tr>

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

<tr>
<td></td>
<td></td>
<td></td>
<TD STYLE="text-align: left"></td>
<td></td>
<td></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17,687,796</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
(6.5%)</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">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">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">275,243</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">Pub.
Fin. Auth. Conference Ctr. &amp; Hotel Rev. Bonds, (U. of NC Charlotte Foundation), 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%,
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">742,866</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%,
9/1/51</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">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">575,883</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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. Ed. 144A Rev. Bonds, (North Carolina Leadership Academy), 5.00%, 6/15/49</FONT></td>
<td></td>
<TD STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">1,580,000</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">1,428,569</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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. Pooled Charter School Certif. Rev. Bonds, Ser. 23-1, Class A, 5.75%, 7/1/62</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">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">2,750,000</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">2,853,930</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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">670,959</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">589,522</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">502,079</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">439,555</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">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">345,949</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">307,175</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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. 144A Rev. Bonds, (CHF-Manoa, LLC), Ser. A, 5.75%, 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">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">1,053,694</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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</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">(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">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">702,453</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">(Grand
Hyatt Sanitary), 5.00%, 2/1/52</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-</FONT></td>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; 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">1,012,164</FONT></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">1,012,396</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">(Froedtert
Health, Inc.), Ser. A, 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">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">4,865,000</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,842,157</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">(Froedtert
Health, Inc.), Ser. A, 4.00%, 4/1/37</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">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">3,109,965</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">3,066,820</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">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">242,537</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">23,773,916</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 $486,686,070)</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">$486,522,912</FONT></td>
</tr></table>
<br><br><br><br>


<BR><BR>
<HR noshade align="center" width=100% size=2>
<BR><BR>
<TABLE style="WIDTH: 95%" border=0 cellSpacing=0  cellPadding=0>
<tr>
   <td width=5%></td>
   <td width=56%></td>
   <td width=2%></td>
   <td width=2%></td>
   <td width=11%></td>
   <td width=12%></td>
   <td width=12%></td>
</tr>

<tr>
<td></td>
<td COLSPAN=6 STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 36; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SHORT-TERM
INVESTMENTS (2.3%)<B><I><SUP>(a)</SUP></I></B></FONT></td>
</tr>

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

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam
Short Term Investment Fund Class P 5.47%<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">7,960,604</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$7,960,604</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 5.363%, 3/21/24</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">$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">496,415</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 $8,457,065)</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">$8,457,019</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 $495,143,135)</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">$494,979,931</FONT></td>
</tr></table>
<br><br><br><br>


<BR><BR>
<HR noshade align="center" width=100% size=2>
<BR><BR>
<br>
<br><!-- INSERTSWAPSHERE -->
<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;2023
through January 31,&nbsp;2024 (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 Franklin Resources, Inc., 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 $366,196,207.</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. For further details
regarding security ratings, please see the Statement of Additional Information.</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>4/30/23</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>1/31/24</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 Class P&#8225;</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$15,912,988</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$128,479,662</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$136,432,046</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$269,274</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$7,960,604</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">$15,912,988</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">$128,479,662</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">$136,432,046</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">$269,274</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">$7,960,604</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">&#8225;
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>(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">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 Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, Intercontinental Exchange (ICE) London
Interbank Offered Rate (LIBOR) USD 1 Month, ICE LIBOR USD 3 Month, US Secured Overnight Financing Rate (SOFR), Chicago Mercantile Exchange
(CME) Term SOFR 3 Month or CME Term SOFR 6 Month rates, which were 3.74%, 5.44%, 5.58%, 5.32%, 5.32% and 5.17%, respectively, as&nbsp;
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">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">27.1%</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">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">24.7</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">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">23.3</FONT></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>

<tr>
<td></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; 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">12.0</FONT></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>

<tr>
<td></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 28; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Security
valuation:</B> Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees.
The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for
valuing the fund&#8217;s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal
Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of
the fund and reporting to the Pricing Committee.</FONT></td>
</tr>

<tr>
<td></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tax-exempt
bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees.
Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable
securities and various relationships between securities in determining value. These securities will generally be categorized as Level
2.</FONT></td>
</tr>

<tr>
<td></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Market
quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities
of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing
service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size
trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally
recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings).
These securities will generally be categorized as Level 2. Securities quoted in foreign currencies, if any, are translated into U.S.
dollars at the current exchange rate.</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">To
the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe
accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management, which has been designated
as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved
by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value
following procedures approved 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.</FONT></td>
</tr>

<tr>
<td></td>
<td COLSPAN=6 STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: left; vertical-align: top; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">To
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. 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>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 $25,562,700 were held by the
TOB trust and served as collateral for $16,107,853 in floating-rate bonds outstanding. During the reporting period, the fund incurred
interest expense of $457,890 for these investments based on an average interest rate of 3.43%.</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">$486,522,912</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&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">8,457,019</FONT></td>
<td STYLE= "font-size: 11pt; border-bottom: Black 0pt 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">$494,979,931</FONT></td>
<td STYLE= "font-weight: bold; font-size: 11pt; border-bottom: Black 0pt solid; text-align: right; vertical-align: bottom; padding-right: 6; padding-top: 6; padding-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&mdash;</FONT></td>
</tr>

<tr>
<td></td>
<TD COLSPAN="4" STYLE="border-bottom: Black 0pt solid; font-size: 11pt; text-align: left; vertical-align: top; padding-right: 6pt; padding-top: 18pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities
and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com</FONT></td>
</tr></table><BR><BR>

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