<SEC-DOCUMENT>0000891804-17-000517.txt : 20170728
<SEC-HEADER>0000891804-17-000517.hdr.sgml : 20170728
<ACCEPTANCE-DATETIME>20170728110437
ACCESSION NUMBER:		0000891804-17-000517
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170531
FILED AS OF DATE:		20170728
DATE AS OF CHANGE:		20170728
EFFECTIVENESS DATE:		20170728

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN ARIZONA QUALITY MUNICIPAL INCOME FUND
		CENTRAL INDEX KEY:			0000892992
		IRS NUMBER:				363847197
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07278
		FILM NUMBER:		17988431

	BUSINESS ADDRESS:	
		STREET 1:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-917-8146

	MAIL ADDRESS:	
		STREET 1:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUVEEN ARIZONA PREMIUM INCOME MUNICIPAL FUND
		DATE OF NAME CHANGE:	20130410

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUVEEN ARIZONA PREMIUM INCOME MUNICIPAL FUND INC
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq.htm
<DESCRIPTION>NAZ
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">UNITED STATES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Washington, DC 20549</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">FORM N-Q</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Investment Company Act file number <font style="TEXT-DECORATION: underline; DISPLAY: inline">811-07278</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Exact name of registrant as specified in charter)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Nuveen Investments</div>

<div style="FONT-SIZE: 10pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;333 West Wacker Drive, Chicago, Illinois 60606 &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Registrant's telephone number, including area code: <font style="TEXT-DECORATION: underline; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;312-917-7700&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date of fiscal year end:&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2/28&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date of reporting period:&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5/31/17&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &#167; 3507.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Portfolio of Investments</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Nuveen Arizona Quality Municipal Income Fund (NAZ)</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">May 31, 2017 (Unaudited)</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Principal</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Optional Call</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Amount (000)</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Description (1)</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Provisions (2)</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Ratings (3)</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">LONG-TERM INVESTMENTS &#8211; 152.4% (100.0% of Total Investments)</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">MUNICIPAL BONDS &#8211; 152.4% (100.0% of Total Investments)</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Education and Civic Organizations &#8211; 28.1% (18.4% of Total Investments)</font>&#160;</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">$ 1,330</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona Board of Regents, Arizona State University System Revenue Bonds, Green Series 2016B,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">$ 1,544,103</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/47</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Green</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/25 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,725,495</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2015A, 5.000%, 7/01/41</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,480</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,955,124</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2013A, 5.000%, 7/01/43</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2015D,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/25 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,727,835</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/41</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,515</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Aa3</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,845,773</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Economic and Educational Development, Series 2014, 5.000%, 8/01/44</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,240</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona Board of Regents, University of Arizona, System Revenue Bonds, Tender Option Bond</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,402,986</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Trust 2015-XF0053, 15.699%, 6/01/42 (IF)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,400</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Aa3</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,611,134</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Economic and Educational Development, Series 2013, 5.000%, 8/01/21</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">515</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BB</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">534,591</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Schools, Inc. Projects, Series 2017A, 5.125%, 7/01/37</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,217,880</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Refunding Series 2007, 5.000%, 5/15/31</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,775</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5/20 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,119,356</font>&#160;</div>
</td>
</tr>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">870</font>&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">896,874</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,095</font>&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,383,083</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,875</font>&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,107,669</font>&#160;</div>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">910</font>&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6/21 at 100.00</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A+</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,007,889</font>&#160;</div>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">70</font>&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis</font>&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BB</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">71,423</font>&#160;</div>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">900</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BB+</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">952,407</font>&#160;</div>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">750</font>&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/22 at 100.00</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">262,508</font>&#160;</div>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">585</font>&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/21 at 100.00</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BB+</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">635,708</font>&#160;</div>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">800</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/25 at 100.00</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">860,240</font>&#160;</div>
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</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/24 at 100.00</font>&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">572,315</font>&#160;</div>
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</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">315</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/35</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/25 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Ba1</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">324,702</font>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">300</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/45</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/25 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Ba1</font>&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">305,580</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">650</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Ba1</font>&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">665,223</font>&#160;</div>
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</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">440</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Villa</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BBB&#8211;</font>&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">435,899</font>&#160;</div>
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</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,995</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Eastern Kentucky</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">10/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A2</font>&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,272,325</font>&#160;</div>
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</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,675</font>&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6/22 at 100.00</font>&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A</font>&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,999,687</font>&#160;</div>
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</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">200</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Desert</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">219,890</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">120</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6.000%, 6/15/37</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">121,582</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">680</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6.125%, 6/15/47</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">689,785</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">200</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BB</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">178,696</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">35</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">35,811</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">745</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">B</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">687,210</font>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6/25 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BB</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">490,265</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
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</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">730</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pinal County Community College District, Arizona, Revenue Bonds, Central Arizona College,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">854,173</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2017, 5.000%, 7/01/35 &#8211; BAM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">780</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona University</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">880,987</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Project, Series 2014, 5.000%, 6/01/39 &#8211; BAM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">250</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">288,828</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2008, 5.000%, 7/01/22</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Industrial Development Authority of the County of Maricopa, Arizona, Education Revenue</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Bonds, Reid Traditional School Projects, Series 2016:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">520</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/36</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Baa3</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">545,631</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">300</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/47</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Baa3</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">311,361</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">825</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3/21 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BB+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">932,539</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Agribusiness and Equine Center, Inc. Project, Series 2011, 7.875%, 3/01/42</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">42,870</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total Education and Civic Organizations</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">47,674,567</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Health Care &#8211; 14.4% (9.4% of Total Investments)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,200</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,342,380</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2014A, 5.000%, 1/01/44</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5,100</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BBB+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5,478,776</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Hospital, Refunding Series 2012A, 5.000%, 2/01/42</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Refunding Series 2014A:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,005</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 12/01/39</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">12/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A2</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,380,204</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,860</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 12/01/42</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">12/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A2</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,210,979</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Refunding Series 2016A:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,250</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 1/01/32</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1/27 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,478,563</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 1/01/35</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1/27 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,168,200</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 1/01/38</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1/27 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,316,520</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,120</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">9/20 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,211,941</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 &#8211; AGC Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,025</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Yavapai County Industrial Development Authority, Arizona, Hospital Facility Revenue Refunding</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Baa1</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,133,619</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Bonds, Yavapai Regional Medical Center, Series 2016, 5.000%, 8/01/36</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Regional Medical Center, Series 2013A:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">210</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 8/01/19</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Baa1</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">225,763</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.250%, 8/01/33</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8/23 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Baa1</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,119,200</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Center, Series 2014A:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 8/01/22</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,155,580</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.250%, 8/01/32</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,140,620</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">21,770</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total Health Care</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">24,362,345</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Long-Term Care &#8211; 1.8% (1.2% of Total Investments)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">435</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona Health Facilities Authority, Health Care Facilities Revenue Bonds, The Beatitudes</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8/17 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">435,609</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Campus Project, Series 2006, 5.100%, 10/01/22</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,885</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Phoenix Industrial Development Authority, Arizona, Multi-Family Housing Revenue Bonds, 3rd and</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">10/25 at 101.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,818,252</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Indian Road Assisted Living Project, Series 2016, 5.400%, 10/01/36</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">780</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">12/21 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">832,088</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Project, Refunding Series 2012A, 6.000%, 12/01/32</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,100</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total Long-Term Care</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,085,949</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Tax Obligation/General &#8211; 16.4% (10.8% of Total Investments)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">575</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Buckeye Union High School District 201, Maricopa County, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/27 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">676,982</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">School Improvement Project, Refunding Series 2017, 5.000%, 7/01/35 (WI/DD, Settling 6/08/17) &#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BAM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Casa Grande, Arizona, General Obligation Bonds, Refunding Series 2016B:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,605</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4.000%, 8/01/33</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,742,131</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">835</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4.000%, 8/01/34</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">902,151</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">735</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Casa Grande, Arizona, General Obligation Bonds, Series 2016A, 3.000%, 8/01/36</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">708,305</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Chandler, Arizona, General Obligation Bonds, Refunding Series 2014, 5.000%, 7/01/24</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AAA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,085,925</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Dysart Unified School District Number 89, Maricopa County, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Refunding Series 2014:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/26</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,184,170</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">525</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/27</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">617,542</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,140</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">El Mirage, Arizona, General Obligation Bonds Series 2012, 5.000%, 7/01/42 &#8211; AGM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,379,808</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/21 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,130,650</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 &#8211; AGM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">775</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Maricopa County School District 79 Litchfield Elementary, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/21 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Aa2</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">886,011</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2011, 5.000%, 7/01/23</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">300</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, School</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">324,435</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Improvement Project of 2013, Series 2016C, 4.000%, 7/01/33 &#8211; AGM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,275</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/27 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Aa2</font>&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,539,830</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">School Improvement &amp; Project of 2011 Series 2017E, 5.000%, 7/01/33</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Mohave County Union High School District 2 Colorado River, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">School Improvement Series 2017:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/34</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/27 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Aa3</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,174,790</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/36</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/27 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Aa3</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,165,310</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,370</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/21 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,587,625</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2011A, 6.000%, 7/01/30 &#8211; AGM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,895</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pima County Unified School District 12 Sunnyside, Arizona, General Obligation Bonds, School</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,301,574</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Improvement Project 2011, Series 2014D, 5.000%, 7/01/34 &#8211; AGM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,750</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/21 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,962,888</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Improvement Project 2010 Series 2011A, 5.000%, 7/01/25</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pinal County School District 4 Casa Grande Elementary, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">School improvement Project 2016, Series 2017A:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">620</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/34 &#8211; BAM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/27 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">724,253</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/35 &#8211; BAM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/27 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,163,430</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Western Maricopa Education Center District 402, Maricopa County, Arizona, General Obligation</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Bonds, School Improvement Project 2012, Series2014B:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">715</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4.500%, 7/01/33</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">798,433</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">665</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4.500%, 7/01/34</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">740,331</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">24,280</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total Tax Obligation/General</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">27,796,574</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Tax Obligation/Limited &#8211; 32.0% (21.0% of Total Investments)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,310</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A1</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,501,337</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Project, Refunding Senior Series 2012A, 5.000%, 7/01/36</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,250</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona State Transportation Board, Highway Revenue Bonds, Refunding Series 2016,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AAA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,498,013</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/35</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">275</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding Series 2016, 4.000%, 7/01/36</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">291,550</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Buckeye, Arizona, Excise Tax Revenue Obligations, Series 2015, 5.000%, 7/01/37</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/25 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,134,910</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">135</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/27 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">139,473</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2017A, 7.000%, 7/01/41</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,210</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/25 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,216,643</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2015, 5.000%, 7/15/39</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">492</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/23 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">509,973</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Assessment District 1, Series 2013, 5.250%, 7/01/38</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Estrella Mountain Ranch Community Facilities District, Arizona, Special Assessment Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Montecito Assessment District, Series 2007:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">420</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.700%, 7/01/27</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/17 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">420,458</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">450</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.800%, 7/01/32</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/17 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">450,351</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">655</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/27 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">759,918</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Bonds, Refunding Series 2017, 5.000%, 7/15/32 &#8211; AGM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">508</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8/17 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">509,742</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Lien Bonds, Series 2001A, 7.875%, 7/01/25</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2012:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">345</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/15/27 &#8211; BAM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">376,633</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,085</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/15/31 &#8211; BAM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,162,773</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">526,555</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2016, 4.000%, 7/15/36 &#8211; BAM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">425</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Festival Ranch Community Facilities District, Buckeye, Arizona, Special Assessment Revenue</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/27 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">442,587</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Bonds, Assessment District 11, Series 2017, 5.200%, 7/01/37</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">600</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A1</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">640,638</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Refunding Series 2016, 4.000%, 7/15/32</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Goodyear, Arizona, Community Facilities General District 1, Arizona, General Obligation</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,712,985</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Refunding Bonds, Series 2013, 5.000%, 7/15/23</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">11/25 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,613,370</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Government of Guam, Business Privilege Tax Bonds, Series 2011A:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">510</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 1/01/31</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">542,788</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">200</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.125%, 1/01/42</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">210,830</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,577,595</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,250</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 5.000%, 12/01/46</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">12/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BBB+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,368,675</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,425</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/33</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/23 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,630,043</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,401</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/17 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,408,635</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4.600%, 1/01/26</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">115</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/18 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BBB&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">118,726</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2008A, 7.400%, 7/15/33</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">200</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BBB&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">216,104</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2016, 5.000%, 7/15/31</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">300</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Page, Arizona, Pledged Revenue Bonds, Refunding Series 2011, 5.000%, 7/01/26</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/21 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">335,745</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">400</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8/17 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">379,748</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2006, 5.350%, 7/15/31</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,010</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Phoenix Civic Improvement Corporation, Arizona, Transit Excise Tax Revenue Refunding Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,131,705</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Light Rail Project, Series 2013, 5.000%, 7/01/20</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">12/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,733,200</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">JMF-Higley 2012 LLC Project, Series 2012, 5.000%, 12/01/36</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">580</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">630,878</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2012, 5.000%, 7/01/38 (Alternative Minimum Tax)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,100</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8/17 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BBB&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,101,771</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 &#8211; ACA Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pinal County, Arizona, Pledged Revenue Obligations, Series 2014, 5.000%, 8/01/33</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,147,520</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Queen Creek, Arizona, Excise Tax &amp; State Shared Revenue Obligation Bonds, Refunding</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2016:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">540</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4.000%, 8/01/34</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">579,841</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">545</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4.000%, 8/01/36</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">579,831</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Regional Public Transportation Authority, Arizona, Transportation Excise Tax Revenue Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,194,520</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Maricopa County Public Transportation Fund Series 2014, 5.250%, 7/01/22</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">San Luis, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series2014A:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,400</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/34 &#8211; BAM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,596,616</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,100</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/38 &#8211; BAM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,376,192</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AAA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,690,660</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2006, 5.000%, 7/01/24</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,320</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/27 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AAA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,595,471</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2017, 5.000%, 7/01/36</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,570</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Tartesso West Community Facility District, Buckeye, Arizona, Limited Tax General Obligation</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/17 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,571,162</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Bonds, Series 2007, 5.900%, 7/15/32</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Tempe, Arizona, Excise Tax Revenue Bonds, Refunding Series 2016:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">310</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/28</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AAA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">379,821</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">600</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/31</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AAA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">721,740</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AAA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,577,200</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/37</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,750</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,826,353</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2012A, 4.000%, 10/01/22 &#8211; AGM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">750</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Vistancia West Community Facilities District, Peoria, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/21 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">727,365</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2016, 3.250%, 7/15/25</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,368</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8/17 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,325,195</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2005, 6.000%, 7/01/30</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">49,404</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total Tax Obligation/Limited</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">54,183,839</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Transportation &#8211; 5.1% (3.3% of Total Investments)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">180</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/20 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">196,294</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2010A, 5.000%, 7/01/40</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2015A:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">910</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/40</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/25 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,041,158</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,185</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/45</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/25 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,489,829</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Refunding Senior Lien</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2013:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,785</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/30 (Alternative Minimum Tax)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/23 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,028,885</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,215</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/32 (Alternative Minimum Tax)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/23 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,498,985</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">395</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Virgin Islands Port Authority, Marine Revenue Bonds, Refunding Series 2014B, 5.000%, 9/01/44</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">9/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BBB+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">410,642</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7,670</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total Transportation</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8,665,793</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">U.S. Guaranteed &#8211; 26.4% (17.3% of Total Investments) (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5,730</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1/18 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA&#8211; (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5,886,715</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2008D, 5.500%, 1/01/38 (Pre-refunded 1/01/18)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,025</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona State Transportation Board, Highway Revenue Bonds, Refunding Subordinate Series 2011A,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/21 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA+ (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,182,850</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/36 (Pre-refunded 7/01/21)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,265</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Gila County Unified School District 10 Payson, Arizona, School Improvement Bonds, Project</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/18 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Aa3 (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,332,260</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2006, Series 2008B, 5.750%, 7/01/28 (Pre-refunded 7/01/18)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,965</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">12/17 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,026,672</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Network, Series 2007, 5.000%, 12/01/42 (Pre-refunded 12/01/17)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">150</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">La Paz County, Arizona, Excise Tax Revenue Bonds, Judgement Series 2011A, 4.750%, 7/01/36</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/17 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">150,495</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(Pre-refunded 7/01/17)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,200</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/18 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Aa3 (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,253,580</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2008, 5.000%, 7/01/27 (Pre-refunded 7/01/18) &#8211; AGM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">680</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Marley Park Community Facilities District, City of Surprise, Arizona, Limited Tax General</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/17 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">684,434</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Obligation Bonds, Series 2008 (Bank Qualified), 6.100%, 7/15/32 (Pre-refunded 7/15/17)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">960</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/18 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,029,005</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2008A, 7.400%, 7/15/33 (Pre-refunded 7/15/18)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Mesa, Arizona, Utility System Revenue Bonds, Refunding Series 2002:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">630</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.250%, 7/01/17 &#8211; FGIC Insured (ETM)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Aa2 (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">632,350</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">150</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.250%, 7/01/17 &#8211; FGIC Insured (ETM)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Aa2 (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">150,560</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,045</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Painted</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/20 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,244,386</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Rock Academy Charter School Project, Series 2012A, 7.500%, 7/01/42 (Pre-refunded 7/01/20)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Education Center Project, Series 2010:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">745</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6.000%, 6/01/40 (Pre-refunded 6/01/19)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6/19 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BB+ (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">817,950</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">550</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6.100%, 6/01/45 (Pre-refunded 6/01/19)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6/19 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BB+ (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">604,945</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Valley</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/18 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Baa3 (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,060,000</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Academy Charter School Project, Series 2008, 6.500%, 7/01/38 (Pre-refunded 7/01/18)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pima County Unified School District 8 Flowing Wells, Arizona, General Obligation Bonds, School</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/20 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A+ (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,131,850</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Improvement Project 2008 Series 2011B, 5.375%, 7/01/29 (Pre-refunded 7/01/20)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,800</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/21 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,097,450</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2011, 5.250%, 7/01/36 (Pre-refunded 7/01/21)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,530</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pinal County Unified School District 1, Florence, Arizona, General Obligation Bonds, Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/18 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,745,945</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2008C, 5.250%, 7/01/28 (Pre-refunded 7/01/18)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Salt River Project Agricultural Improvement and Power District, Arizona, Electric System</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1/18 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,745,100</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Revenue Bonds, Tender Option Bond Trust 2016-XL0016, 15.800%, 1/01/38 (Pre-refunded</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1/01/18) (IF) (5)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water &amp; Sewer</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/20 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AAA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5,600,849</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Improvements Project, Series 2010, 5.000%, 7/01/36 (Pre-refunded 7/01/20)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition Series 1999:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,310</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/32 (Pre-refunded 7/01/21)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/21 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AAA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,512,303</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,360</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/33 (Pre-refunded 7/01/21)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/21 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AAA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,570,025</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,705</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/34 (Pre-refunded 7/01/21)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/21 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AAA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,968,303</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,585</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/21 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,083,672</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6.000%, 7/01/39 (Pre-refunded 7/01/21)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2013:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">200</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/19 (ETM)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">216,538</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">800</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 7/01/20 (ETM)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R (6)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">895,104</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">40,885</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total U.S. Guaranteed</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">44,623,341</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Utilities &#8211; 15.6% (10.3% of Total Investments)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,495</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,590,800</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,522,305</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Hoover Project, Series 2001, 5.250%, 10/01/17</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">10/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,123,740</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,310</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6/20 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Aa3</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,704,451</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">220</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Mesa, Arizona, Utility System Revenue Bonds, Refunding Series 2002, 5.250%, 7/01/17 &#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Aa2</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">220,825</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">FGIC Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">695</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">802,989</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016, 5.000%, 7/01/35</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Salt River Project Agricultural Improvement and Power District, Arizona, Electric System</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6/25 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Aa1</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,760,880</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/36</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc.</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Prepay Contract Obligations, Series 2007:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.500%, 12/01/29</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BBB+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5,585,714</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5,665</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.000%, 12/01/37</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">BBB+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6,910,108</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,370</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water &amp;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">12/17 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">N/R</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,273,873</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">23,255</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total Utilities</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">26,495,685</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Water and Sewer &#8211; 12.6% (8.3% of Total Investments)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Central Arizona Water Conservation District, Arizona, Water Delivery O&amp;M Revenue Bonds, Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,168,460</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016, 5.000%, 1/01/36</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/28</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">587,615</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,235</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Goodyear, Arizona, Water and Sewer Revenue Obligations, Refunding Subordinate Lien Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/26 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,419,497</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016, 5.000%, 7/01/45 &#8211; AGM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,855</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/20 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,203,025</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2011,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/21 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">567,340</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.500%, 7/01/41</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/23 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A&#8211;</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">556,825</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Series 2013, 5.250%, 7/01/33</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,125</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/25 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,294,121</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2015A, 5.000%, 7/01/36 &#8211; AGM Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,135</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Phoenix Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds, Refunding</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,342,796</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Junior Lien Series 2014, 5.000%, 7/01/29</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien Series</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/24 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AAA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,290,560</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2014A, 5.000%, 7/01/39</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Refunding Junior</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Lien Series 2001:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,250</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.500%, 7/01/21 &#8211; FGIC Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AAA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,468,463</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,040</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.500%, 7/01/22 &#8211; FGIC Insured</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AAA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,256,195</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A, 5.000%, 7/01/26</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7/22 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,746,450</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,000</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pima County, Arizona, Sewer System Revenue Obligations, Series 2014, 5.000%, 7/01/22</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,183,330</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">740</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4.700%, 4/01/22</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">10/17 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">748,858</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,970</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 3.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4.900%, 4/01/32</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">10/17 at 100.00</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A+</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,980,815</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">500</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Tucson, Arizona, Water System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/23</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Opt. Call</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AA</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">599,940</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">18,850</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total Water and Sewer</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">21,414,290</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">$ 232,084</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Total Long-Term Investments (cost $240,418,007)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">258,302,383</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Floating Rate Obligations &#8211; (1.6)%</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">(2,755,000)</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs &#8211; (52.1)% (7)</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">(88,281,832)</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Other Assets Less Liabilities &#8211; 1.3%</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">2,243,787</font>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px">&#160;</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Net Assets Applicable to Common Shares &#8211; 100%</font>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">$ 169,509,338</font>&#160;</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Fair Value Measurements</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Level 1 &#8211; Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Level 2 &#8211; Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Level 3 &#8211; Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of the end of the reporting period:</div>

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<td style="WIDTH: 35.72%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 28.58%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Level 1</font>&#160;</div>
</td>
<td style="WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Level 2</font>&#160;</div>
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<td style="WIDTH: 11.22%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Level 3</font>&#160;</div>
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<td style="WIDTH: 10.2%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Total</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Long-Term Investments:</font>&#160;</div>
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<td style="WIDTH: 28.58%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 11.22%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10.2%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Municipal Bonds</font>&#160;</div>
</td>
<td style="WIDTH: 28.58%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">$ &#8212;</font>&#160;</div>
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<td style="WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">$258,302,383</font>&#160;</div>
</td>
<td style="WIDTH: 11.22%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">$ &#8212;</font>&#160;</div>
</td>
<td style="WIDTH: 10.2%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">$258,302,383</font>&#160;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Income Tax Information</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">As of May 31, 2017, the cost of investments was $239,143,751.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Gross unrealized appreciation and gross unrealized depreciation of investments as of May 31, 2017, were as follows:</div>

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<td style="WIDTH: 62.62%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 37.38%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
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<td style="WIDTH: 62.62%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Gross unrealized:</font>&#160;</div>
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<td style="WIDTH: 37.38%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
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<tr>
<td style="WIDTH: 62.62%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Appreciation</font>&#160;</div>
</td>
<td style="WIDTH: 37.38%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">$19,434,019</font>&#160;</div>
</td>
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<td style="WIDTH: 62.62%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Depreciation</font>&#160;</div>
</td>
<td style="WIDTH: 37.38%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(3,030,397)</font>&#160;</div>
</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Net unrealized appreciation (depreciation) of investments</font>&#160;</div>
</td>
<td style="WIDTH: 37.38%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">$16,403,622</font>&#160;</div>
</td>
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</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: middle">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: middle">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: middle">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1)</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">All percentages shown in the Portfolio of Investments are based on net assets applicable to common</font>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">shares unless otherwise noted.</font>&#160;</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(2)</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.</font>&#160;</div>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities</font>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">may be subject to periodic principal paydowns.</font>&#160;</div>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(3)</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">For financial reporting purposes, the ratings disclosed are the highest of Standard &amp; Poor's Group</font>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">("Standard &amp; Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This</font>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">treatment of split-rated securities may differ from that used for other purposes, such as for Fund</font>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">investment policies. Ratings below BBB by Standard &amp; Poor's, Baa by Moody's or BBB by Fitch are</font>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">considered to be below investment grade. Holdings designated N/R are not rated by any of these</font>&#160;</div>
</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">national rating agencies.</font>&#160;</div>
</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(4)</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">As of, or subsequent to, the end of the reporting period, this security is non-income producing.</font>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has</font>&#160;</div>
</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy</font>&#160;</div>
</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest</font>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">payment obligations and has ceased accruing additional income on the Fund's records.</font>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(5)</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Investment, or portion of investment, has been pledged to collateralize the net payment obligations for</font>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">investments in inverse floating rate transactions.</font>&#160;</div>
</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(6)</font>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,</font>&#160;</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or</font>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">agency securities are regarded as having an implied rating equal to the rating of such securities.</font>&#160;</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(7)</font>&#160;</div>
</td>
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<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Investments is 34.2%.</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Escrowed to maturity.</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(IF)</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Inverse floating rate investment.</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Underlying bond of an inverse floating rate trust reflected as a financing transaction.</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">SIGNATURES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Registrant)&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">&#160;Nuveen Arizona Quality Municipal Income Fund&#160;</font></div>

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<td style="FONT-SIZE: 10pt; TEXT-DECORATION: underline; FONT-FAMILY: times new roman; WIDTH: 89%; TEXT-ALIGN: left">/s/&#160;Gifford R. Zimmerman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
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<td style="WIDTH: 89%; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160; Gifford R. Zimmerman</font>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date:&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;July 28, 2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</div>

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<td style="FONT-SIZE: 10pt; TEXT-DECORATION: underline; FONT-FAMILY: times new roman; WIDTH: 89%; TEXT-ALIGN: left">/s/&#160;Cedric H. Antosiewicz&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
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<td style="WIDTH: 89%; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160; Cedric H. Antosiewicz</font>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date:&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;July 28, 2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<td style="FONT-SIZE: 10pt; TEXT-DECORATION: underline; FONT-FAMILY: times new roman; WIDTH: 89%; TEXT-ALIGN: left">/s/ Stephen D. Foy&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left">&#160;&#160;&#160;&#160; Stephen D. Foy</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left">&#160;&#160;&#160;&#160; Vice President and Controller (principal financial officer)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date:&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;July 28,&#160;2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATIONS
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">I, Cedric H. Antosiewicz, certify that:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">I have reviewed this report on Form N-Q of Nuveen Arizona Quality Municipal Income Fund;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">d.&#160;&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date:&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">&#160;&#160;&#160;July 28, 2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; TEXT-DECORATION: underline; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Cedric H. Antosiewicz</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Cedric H. Antosiewicz</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Chief Administrative Officer</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(principal executive officer)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">I, Stephen D. Foy, certify that:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">I have reviewed this report on Form N-Q of Nuveen Arizona Quality Municipal Income Fund;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">4.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
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<td>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</div>
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<div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">d.&#160;&#160;</div>
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<td>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</div>
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<div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date:&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">&#160;&#160;&#160;&#160;July 28, 2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; TEXT-DECORATION: underline; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Stephen D. Foy</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Stephen D. Foy</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Vice President and Controller</div>

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