<SEC-DOCUMENT>0001775697-20-000729.txt : 20200515
<SEC-HEADER>0001775697-20-000729.hdr.sgml : 20200515
<ACCEPTANCE-DATETIME>20200515164817
ACCESSION NUMBER:		0001775697-20-000729
CONFORMED SUBMISSION TYPE:	NT NPORT-EX
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20190630
FILED AS OF DATE:		20200515

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BNY MELLON STRATEGIC MUNICIPALS, INC.
		CENTRAL INDEX KEY:			0000818972
		IRS NUMBER:				133426554
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		NT NPORT-EX
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05245
		FILM NUMBER:		20886254

	BUSINESS ADDRESS:	
		STREET 1:		C/O BNY MELLON INVESTMENT ADVISER, INC.
		STREET 2:		240 GREENWICH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10286
		BUSINESS PHONE:		2129226400

	MAIL ADDRESS:	
		STREET 1:		C/O BNY MELLON INVESTMENT ADVISER, INC.
		STREET 2:		240 GREENWICH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10286

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DREYFUS STRATEGIC MUNICIPALS, INC.
		DATE OF NAME CHANGE:	20181030

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DREYFUS STRATEGIC MUNICIPALS INC
		DATE OF NAME CHANGE:	19920703
<MULTI-ACCESSION-NUMBERS>
ACCESSION NUMBER:		0001775697-20-000673
</MULTI-ACCESSION-NUMBERS>
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>1
<FILENAME>c10287bnymellonstr-june20191.htm
<TEXT>
<html>
<head>
<title>Untitled Document</title>
</head><body><p style="font-family:Arial; font-size:11.5pt; font-style:normal; font-weight:normal; text-align:left">STATEMENT
OF INVESTMENTS<br>BNY Mellon&#160;Strategic Municipals, Inc.</p><p style="font-family:Arial; font-size:9.0pt;
font-style:normal; font-weight:normal; text-align:left">June 30, 2019 (Unaudited)</p><table cellpadding="0"
cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td style="width:35%">&nbsp;</td><td
style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:13.01%">&nbsp;</td><td
style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:1%">&nbsp;</td></tr><tr><td colspan=10 style="background-color:#d9d9d9; border-top:1.5pt;
border-top-color:#000000; border-top-style:solid;  font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description </p></td><td colspan=2
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Maturity</p><p style="color:#000000; font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:right">Date</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal</p><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Amount
($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Bonds and Notes - .4% </p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Collateralized
Municipal Backed Securities - .4% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Federal
Home Loan Mortgage Corp. Multifamily Variable Rate Certificate, Revenue Bonds, Ser. M-048<br>(cost $2,518,150)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3.15</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1/1/2036</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,500,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">2,584,150</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;
border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%</p></td><td style="background-color:#d9d9d9;
border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Alabama
- 2.8% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Birmingham
Special Care Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated Group)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5.75</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/1/2045</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5,562,050</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Birmingham Special Care
Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated Group)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/1/2050</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,124,220</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Jefferson County, Revenue
Bonds, Ser. F</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">0/7.90</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">10/1/2050</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,500,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>a</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,355,050</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">The Lower Alabama Gas District, Revenue Bonds, Ser. A</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">9/1/2046</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">8,097,900</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7
style="background-color:#d9d9d9;  font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;
 vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:bold; text-align:right">17,139,220</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Arizona - 3.6% </p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Arizona Industrial Development Authority, Revenue Bonds, Refunding
(Basis School Projects) Ser. D</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7/1/2051</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,380,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,468,803</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Maricopa County Industrial Development Authority, Revenue Bonds
(Benjamin Franklin Charter School)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7/1/2052</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,000,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,380,340</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Maricopa County Industrial Development Authority, Revenue Bonds,
Refunding (Paradise Schools Projects Paragon Management Inc.)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7/1/2047</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,000,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,066,150</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Phoenix Industrial Development Authority, Revenue Bonds, Refunding
(BASIS Schools Projects) Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7/1/2046</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,000,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,106,800</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Phoenix Industrial Development Authority, Revenue Bonds, Refunding
(BASIS Schools Projects) Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7/1/2035</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,360,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,527,584</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before:always"></p>
<page>

<p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Arial; font-style:italic; font-weight:normal">STATEMENT OF INVESTMENTS (Unaudited)
(continued)</font></p><table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td
style="width:35%">&nbsp;</td><td style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td
style="width:13.01%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:1%">&nbsp;</td></tr><tr><td
colspan=10 style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
 font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right"> Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right"><font style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-weight:normal"> </font>Maturity Date</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal
Amount ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%<font style="color:#141414; font-family:Cambria;
font-weight:normal"> </font>(continued)</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Arizona
- 3.6% (continued)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Pima
County Industrial Development Authority, Revenue Bonds (American Leadership Academy Project)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/15/2052</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,500,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,537,575</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Pima County Industrial Development Authority, Revenue Bonds (American
Leadership Academy Project)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/15/2047</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4,500,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4,618,980</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tempe Industrial Development Authority, Revenue Bonds (Mirabella
at ASU Project) Ser. B</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.35</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">10/1/2025</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,000,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,137,970</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2018-XF2537), (Salt
Verde Financial Corporation, Senior Gas Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">12.08</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/1/2037</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,010,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,189,337</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;  font-size:1pt;
vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">22,033,539</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">California
- 3.7% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">California,
GO (Various Purpose)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">11/1/2035</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7,500,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7,619,025</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">California Municipal
Finance Authority, Revenue Bonds, Refunding (William Jessup University)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">8/1/2039</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,108,530</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">California Statewide Communities Development Authority, Revenue
Bonds (Loma Linda University Medical Center Obligated Group) Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.50</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">12/1/2058</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,000,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,160,030</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">California Statewide Communities Development Authority, Revenue
Bonds, Refunding (Bentley School) Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7/1/2040</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,090,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,199,788</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">San Buenaventura, Revenue Bonds (Community Memorial Health System)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7.50</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/1/2041</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,232,840</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">San Francisco City &amp;
County Redevelopment Agency Community Facilities District Number 6, Special Tax Bonds, Refunding, Ser.
A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">8/1/2023</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,095,460</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Tender Option Bond Trust
Receipts (Series 2016-XM0379), (Los Angeles Department of Water and Power, Water System Revenue Bonds)
Non-recourse, Underlying Coupon Rate (%) 5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12.67</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7/1/2043</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,250,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,761,438</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before:always"></p>
<page>

<table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td
style="width:35%">&nbsp;</td><td style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td
style="width:13.01%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:1%">&nbsp;</td></tr><tr><td
colspan=10 style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
 font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right"> Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right"><font style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-weight:normal"> </font>Maturity Date</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal
Amount ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%<font style="color:#141414; font-family:Cambria;
font-weight:normal"> </font>(continued)</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">California
- 3.7% (continued)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Tender
Option Bond Trust Receipts (Series 2016-XM0434), (The Regents of the University of California, General
Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12.74</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5/15/2038</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,500,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,720,525</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2016-XM0440), (Los Angeles
Department of Airports, Senior Revenue Bonds (Los Angeles International Airport)) Recourse, Underlying
Coupon Rate (%) 5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12.68</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5/15/2031</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,315,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,476,811</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;  font-size:1pt;
vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">22,374,447</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Colorado
- 2.0% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">City
&amp; County of Denver, Revenue Bonds, Refunding (United Airlines)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">10/1/2032</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,087,710</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Dominion Water &amp; Sanitation District, Revenue Bonds</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/1/2046</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4,715,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5,058,441</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Tender Option Bond Trust
Receipts (Series 2016-XM0385), (Board of Governors of the Colorado State University, System Enterprise
Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12.52</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3/1/2038</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,875,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,587,744</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2016-XM0433), (Colorado
Springs, Utilities System Improvement Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">12.58</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">11/15/2043</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,440,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,617,471</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;  font-size:1pt;
vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">12,351,366</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Connecticut
- 1.4% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Connecticut
Health &amp; Educational Facilities Authority, Revenue Bonds, Refunding (Trinity Health Corp Obligated
Group)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/1/2045</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,500,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,886,425</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Connecticut Housing Finance
Authority, Revenue Bonds, Refunding, Ser. A-1</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3.65</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/15/2032</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,555,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,662,808</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Harbor Point Infrastructure Improvement District, Revenue Bonds,
Refunding (Harbor Point Project)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4/1/2039</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,500,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,900,365</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;  font-size:1pt;
vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">8,449,598</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before:always"></p>
<page>

<p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Arial; font-style:italic; font-weight:normal">STATEMENT OF INVESTMENTS (Unaudited)
(continued)</font></p><table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td
style="width:35%">&nbsp;</td><td style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td
style="width:13.01%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:1%">&nbsp;</td></tr><tr><td
colspan=10 style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
 font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right"> Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right"><font style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-weight:normal"> </font>Maturity Date</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal
Amount ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%<font style="color:#141414; font-family:Cambria;
font-weight:normal"> </font>(continued)</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">District
of Columbia - 1.3% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Metropolitan
Washington Airports Authority Dulles Toll Road, Revenue Bonds, Refunding, Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">10/1/2039</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,208,040</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2016-XM0437), (District
of Columbia, Income Tax Secured Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">12.59</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/1/2035</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5,000,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7,065,850</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;  font-size:1pt;
vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">8,273,890</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Florida
- 7.3% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Atlantic
Beach City, Revenue Bonds (Fleet Landing Project) Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/15/2048</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,379,110</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Cape Coral Health Facilities Authority, Revenue Bonds, Refunding
(Gulf Care Project)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.88</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7/1/2040</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,600,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,739,024</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Clearwater Water &amp; Sewer, Revenue Bonds, Ser. A</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5.25</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/1/2019</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5,000,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5,082,450</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Florida Development Finance Corp., Revenue Bonds (Miami Arts Charter
School Project) Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/15/2044</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5,000,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4,943,800</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Florida Higher Educational Facilities Financial Authority, Revenue
Bonds, Refunding (Saint Leo University Project)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3/1/2044</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5,605,850</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Greater Orlando Aviation Authority, Revenue Bonds, Ser. A</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6.25</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">10/1/2020</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">8,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">8,093,120</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Miami-Dade County, Revenue
Bonds</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">0.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">10/1/2045</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,000,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>e</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,180,650</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Mid-Bay Bridge Authority, Revenue Bonds, Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7.25</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">10/1/2021</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6,000,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6,765,060</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">St. Johns County Industrial Development Authority, Revenue Bonds
(Presbyterian Retirement Communities Project) Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">8/1/2020</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6,500,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6,819,475</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Village Community Development District Number 10, Special Assessment
Bonds</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5/1/2044</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,133,710</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7
style="background-color:#d9d9d9;  font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;
 vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:bold; text-align:right">44,742,249</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Georgia - 3.3% </p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Atlanta, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.)
Ser. B</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.25</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">11/1/2034</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,445,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,463,250</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Atlanta, Revenue Bonds
(Insured; Assured Guaranty Municipal Corp.) Ser. B</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.25</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/1/2019</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,555,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,588,215</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Atlanta, Revenue Bonds, Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/1/2019</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6,000,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6,092,760</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Atlanta, Revenue Bonds, Ser. D</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3.50</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/1/2028</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,845,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,896,070</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before:always"></p>
<page>

<table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td
style="width:35%">&nbsp;</td><td style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td
style="width:13.01%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:1%">&nbsp;</td></tr><tr><td
colspan=10 style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
 font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right"> Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right"><font style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-weight:normal"> </font>Maturity Date</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal
Amount ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%<font style="color:#141414; font-family:Cambria;
font-weight:normal"> </font>(continued)</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Georgia
- 3.3% (continued)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Atlanta
Development Authority, Revenue Bonds (Georgia Proton Treatment Center Project) Ser. A1</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1/1/2040</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,154,700</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Burke County Development Authority, Revenue Bonds, Refunding (Oglethorpe
Power Corp.) Ser. D</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4.13</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">11/1/2045</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,400,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,523,768</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Tender Option Bond Trust
Receipts (Series 2016-XM0435), (Private Colleges and Universities Authority, Revenue Bonds (Emory University))
Recourse, Underlying Coupon Rate (%) 5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12.59</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">10/1/2043</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,500,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,700,800</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;
 font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">20,419,563</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Hawaii
- 1.0% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Hawaii
Department of Budget &amp; Finance, Revenue Bonds, Refunding</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3/1/2037</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,500,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,557,135</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Hawaii Pacific Health, Revenue Bonds, Ser. B</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.75</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7/1/2020</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4,415,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4,606,788</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;
 font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">6,163,923</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Idaho
- .8% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Power
County Industrial Development Corp., Revenue Bonds (FMC Corp. Project)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.45</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">8/1/2032</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:bold; text-align:right">5,020,400</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Illinois - 11.3% </p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Chicago, GO, Refunding, Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1/1/2038</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,492,090</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Chicago, GO, Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.50</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1/1/2049</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5,685,150</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Chicago Board of Education, GO, Refunding, Ser. A</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/1/2034</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,400,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,565,074</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Chicago Board of Education,
GO, Ser. D</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/1/2046</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,190,040</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Chicago Board of Education,
GO, Ser. H</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/1/2036</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,214,560</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Chicago O'Hare International
Airport, Revenue Bonds</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.63</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1/1/2035</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,015,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,075,474</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Chicago O'Hare International
Airport, Revenue Bonds</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.63</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1/1/2021</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,985,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4,242,790</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Chicago O'Hare International Airport, Revenue Bonds, Refunding,
Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1/1/2048</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,585,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4,179,967</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Illinois, GO, Refunding,
Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">10/1/2029</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,500,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,901,925</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Illinois, GO, Ser. A</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5/1/2038</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,900,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4,341,987</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Illinois, GO, Ser. C</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">11/1/2029</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7,270,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">8,332,438</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before:always"></p>
<page>

<p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Arial; font-style:italic; font-weight:normal">STATEMENT OF INVESTMENTS (Unaudited)
(continued)</font></p><table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td
style="width:35%">&nbsp;</td><td style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td
style="width:13.01%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:1%">&nbsp;</td></tr><tr><td
colspan=10 style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
 font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right"> Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right"><font style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-weight:normal"> </font>Maturity Date</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal
Amount ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%<font style="color:#141414; font-family:Cambria;
font-weight:normal"> </font>(continued)</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Illinois
- 11.3% (continued)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Metropolitan
Pier &amp; Exposition Authority, Revenue Bonds (McCormick Place Expansion Project) (Insured; National
Public Finance Guarantee Corp.) Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">0.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/15/2036</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,500,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>e</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,352,725</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Metropolitan Pier &amp; Exposition Authority, Revenue Bonds (McCormick
Place Expansion Project) Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/15/2053</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,500,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,787,140</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Metropolitan Pier &amp;
Exposition Authority, Revenue Bonds (McCormick Place Expansion Project) Ser. B</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">0.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">12/15/2051</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">18,100,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>e</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4,826,727</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Metropolitan Pier &amp; Exposition Authority, Revenue Bonds, Refunding
(McCormick Place Expansion Project) Ser. B</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6/15/2052</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,650,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,723,145</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Metropolitan Pier &amp; Exposition Authority, Revenue Bonds, Refunding
(McCormick Place Expansion Project) Ser. B</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">12/15/2028</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,198,930</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Railsplitter Tobacco Settlement Authority, Revenue Bonds</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/1/2021</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5,050,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5,492,127</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2016-XM0378), (Greater
Chicago Metropolitan Water Reclamation District, GO Capital Improvement Bonds) Non-recourse, Underlying
Coupon Rate (%) 5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12.16</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/1/2032</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,875,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,401,237</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2017-XM0492), (Illinois
Finance Authority, Revenue Bonds (The University of Chicago)) Non-recourse, Underlying Coupon Rate (%)
5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12.52</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">10/1/2040</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,000,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4,796,790</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">University of Illinois, Revenue Bonds, Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4/1/2044</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,106,580</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;  font-size:1pt;
vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">68,906,896</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Indiana
- .7% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Indiana
Finance Authority, Revenue Bonds (Ohio Valley Electric Corp. Project) Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6/1/2039</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,585,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,627,700</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Indiana Finance Authority, Revenue Bonds (Parkview Health System
Obligated Group) Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">11/1/2043</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,174,670</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Indiana Finance Authority,
Revenue Bonds, Refunding (Marquette Retirement Living Inc.)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3/1/2039</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,400,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,458,520</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;  font-size:1pt;
vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">4,260,890</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before:always"></p>
<page>

<table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td
style="width:35%">&nbsp;</td><td style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td
style="width:13.01%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:1%">&nbsp;</td></tr><tr><td
colspan=10 style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
 font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right"> Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right"><font style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-weight:normal"> </font>Maturity Date</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal
Amount ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%<font style="color:#141414; font-family:Cambria;
font-weight:normal"> </font>(continued)</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Iowa
- 1.3% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Iowa
Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.25</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">12/1/2025</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7,375,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:bold; text-align:right">8,017,879</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Kansas - .5% </p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Kansas Development Finance Authority, Revenue Bonds (Village Shalom
Project) Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.25</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">11/15/2053</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,048,190</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Kansas Development Finance
Authority, Revenue Bonds (Village Shalom Project) Ser. B</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/15/2025</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,072,780</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;  font-size:1pt;
vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">3,120,970</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Kentucky
- .4% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Kentucky
Public Energy Authority, Revenue Bonds, Ser. A-1</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6/1/2025</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,500,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:bold; text-align:right">2,758,225</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Louisiana - 1.2% </p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Louisiana Local Government Environmental Facilities &amp; Community
Development Authority, Revenue Bonds, Refunding (Westlake Chemical Corp. Project)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3.50</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/1/2032</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,100,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,213,925</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2018-XF2584), (Louisiana
Public Facilities Authority, Hospital Revenue Bonds (Franciscan Missionaries of Our Lady Health System
Project)) Recourse, Underlying Coupon Rate (%) 5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12.08</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7/1/2047</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,690,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4,175,768</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;
 font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">7,389,693</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Maine
- .5% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Maine
Health &amp; Higher Educational Facilities Authority, Revenue Bonds</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7.50</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7/1/2032</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:bold; text-align:right">3,313,110</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Maryland - 1.2% </p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Maryland Health &amp; Higher Educational Facilities Authority,
Revenue Bonds (Adventist Healthcare Obligated Group) Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.50</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1/1/2046</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,250,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,768,602</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2016-XM0391), (Mayor
and City Council of Baltimore, Project Revenue Bonds (Water Projects)) Non-recourse, Underlying Coupon
Rate (%) 5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12.49</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7/1/2042</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,250,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,348,652</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;  font-size:1pt;
vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">7,117,254</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before:always"></p>
<page>

<p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Arial; font-style:italic; font-weight:normal">STATEMENT OF INVESTMENTS (Unaudited)
(continued)</font></p><table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td
style="width:35%">&nbsp;</td><td style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td
style="width:13.01%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:1%">&nbsp;</td></tr><tr><td
colspan=10 style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
 font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right"> Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right"><font style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-weight:normal"> </font>Maturity Date</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal
Amount ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%<font style="color:#141414; font-family:Cambria;
font-weight:normal"> </font>(continued)</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Massachusetts
- 3.8% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Massachusetts
Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Inc.)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">10/1/2057</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,000,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,085,390</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Massachusetts Development Finance Agency, Revenue Bonds, Refunding,
Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7/1/2025</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,400,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,634,990</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Massachusetts Development
Finance Agency, Revenue Bonds, Refunding, Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.25</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7/1/2030</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,065,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,065,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Massachusetts Development Finance Agency, Revenue Bonds, Refunding,
Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.25</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7/1/2019</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,585,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,585,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2016-XM0368), (Massachusetts
Development Finance Agency, Revenue Bonds (Harvard University Issue)) Non-recourse, Underlying Coupon
Rate (%) 5.25</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">13.53</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2/1/2034</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,500,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,111,775</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2016-XM0372), (Massachusetts,
Consolidated Loan) Non-recourse, Underlying Coupon Rate (%) 5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12.52</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4/1/2027</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,150,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,692,273</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2016-XM0389), (Massachusetts
School Building Authority, Senior Dedicated Sales Tax Revenue Bonds) Non-recourse, Underlying Coupon
Rate (%) 5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12.52</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5/15/2043</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,500,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,585,425</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2018-XF0610), (Massachusetts
Transportation Fund, Revenue Bonds (Rail Enhancement &amp; Accelerated Bridge Programs)) Recourse, Underlying
Coupon Rate (%) 5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12.82</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/1/2047</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,190,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5,475,029</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;  font-size:1pt;
vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">23,234,882</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Michigan
- 5.9% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Detroit
Water Supply System, Revenue Bonds, Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7/1/2031</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,164,700</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Great Lakes Water Authority Sewage Disposal System, Revenue Bonds,
Refunding, Ser. C</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7/1/2036</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,489,630</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Michigan Finance Authority,
Revenue Bonds (Beaumont Health Credit Group)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/1/2044</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5,165,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5,860,209</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before:always"></p>
<page>

<table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td
style="width:35%">&nbsp;</td><td style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td
style="width:13.01%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:1%">&nbsp;</td></tr><tr><td
colspan=10 style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
 font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right"> Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right"><font style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-weight:normal"> </font>Maturity Date</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal
Amount ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%<font style="color:#141414; font-family:Cambria;
font-weight:normal"> </font>(continued)</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Michigan
- 5.9% (continued)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Michigan
Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C3</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7/1/2031</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,292,580</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Michigan Finance Authority,
Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. D6</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7/1/2036</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,257,800</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Michigan Finance Authority, Revenue Bonds, Refunding (Local Govt
Loan Program) Ser. D2</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7/1/2034</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,310,820</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Michigan Hospital Finance
Authority, Revenue Bonds, Refunding (Henry Ford Health System)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.63</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/15/2019</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5,000,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5,078,600</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Michigan Strategic Fund, Revenue Bonds, Refunding (Genesee Power
Station Project)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7.50</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1/1/2021</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,660,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,650,025</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Michigan Tobacco Settlement
Finance Authority, Revenue Bonds, Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6/1/2048</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4,000,120</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Michigan Tobacco Settlement Finance Authority, Revenue Bonds,
Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.88</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/1/2042</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5,045,200</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7
style="background-color:#d9d9d9;  font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;
 vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:bold; text-align:right">36,149,684</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Minnesota - .6% </p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Dakota County Community Development Agency, Revenue Bonds (Insured;
GNMA/FNMA/FHLMC) Ser. 2006A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.30</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/1/2039</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">27,456</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">27,473</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Duluth Economic Development
Authority, Revenue Bonds, Refunding (Essentia Health Obligated Group) Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2/15/2058</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,414,720</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;  font-size:1pt;
vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">3,442,193</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Mississippi
- .9% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Mississippi
Development Bank, Revenue Bonds (Magnolia Regional Health Center Project) Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.50</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">10/1/2031</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5,500,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:bold; text-align:right">5,805,855</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Missouri - 2.4% </p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">St. Louis County Industrial Development Authority, Revenue Bonds
(Friendship Village St. Louis Obligated Group) Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.25</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">9/1/2053</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5,593,300</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">St. Louis County Industrial Development Authority, Tax Allocation
Bonds (St. Louis Innovation District Project)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4.38</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5/15/2036</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,500,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,538,850</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before:always"></p>
<page>

<p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Arial; font-style:italic; font-weight:normal">STATEMENT OF INVESTMENTS (Unaudited)
(continued)</font></p><table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td
style="width:35%">&nbsp;</td><td style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td
style="width:13.01%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:1%">&nbsp;</td></tr><tr><td
colspan=10 style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
 font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right"> Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right"><font style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-weight:normal"> </font>Maturity Date</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal
Amount ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%<font style="color:#141414; font-family:Cambria;
font-weight:normal"> </font>(continued)</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Missouri
- 2.4% (continued)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">St.
Louis Land Clearance Redevelopment Authority, Revenue Bonds (National Geospatial-Intelligence Agency
Site Improvements Project)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.13</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/1/2046</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4,925,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5,468,966</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7
style="background-color:#d9d9d9;  font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;
 vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:bold; text-align:right">14,601,116</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Nevada - .5% </p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Reno, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal
Corp.)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/1/2058</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,750,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">2,916,485</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">New
Jersey - 3.0% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Essex
County Improvement Authority, Revenue Bonds (Covanta Holding Corp.)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.25</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7/1/2045</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,000,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,008,590</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">New Jersey Economic Development Authority, Revenue Bonds (Continental
Airlines Inc. Project)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.25</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">9/15/2029</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,375,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,700,012</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">New Jersey Economic Development
Authority, Revenue Bonds, Refunding, Ser. XX</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.25</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6/15/2027</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4,604,600</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">New Jersey Housing &amp; Mortgage Finance Agency, Revenue Bonds,
Refunding, Ser. D</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4/1/2025</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,560,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,704,425</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">New Jersey Transportation
Trust Fund Authority, Revenue Bonds</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/15/2046</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,775,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,003,602</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">New Jersey Transportation
Trust Fund Authority, Revenue Bonds</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.25</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/15/2043</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,305,640</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">New Jersey Transportation
Trust Fund Authority, Revenue Bonds, Ser. AA</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.25</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6/15/2033</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,500,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,698,165</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2018-XF2538), (New Jersey
Economic Development Authority, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.25</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">13.10</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/15/2040</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">815,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,164,219</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;  font-size:1pt;
vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">18,189,253</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">New
Mexico - 1.2% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Farmington,
Revenue Bonds, Refunding (Public Service Company of New Mexico San Juan Project) Ser. D</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.90</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6/1/2040</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:bold; text-align:right">7,248,430</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">New York - 6.2% </p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">New York City Educational Construction Fund, Revenue Bonds, Ser.
A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6.50</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4/1/2027</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4,490,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4,875,242</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">New York City Industrial
Development Agency, Revenue Bonds (Yankee Stadium Project)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3/1/2049</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5,000,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5,024,450</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before:always"></p>
<page>

<table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td
style="width:35%">&nbsp;</td><td style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td
style="width:13.01%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:1%">&nbsp;</td></tr><tr><td
colspan=10 style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
 font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right"> Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right"><font style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-weight:normal"> </font>Maturity Date</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal
Amount ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%<font style="color:#141414; font-family:Cambria;
font-weight:normal"> </font>(continued)</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">New
York - 6.2% (continued)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">New
York City Water &amp; Sewer System, Revenue Bonds, Ser. B-4</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1.96</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6/15/2045</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,100,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>f</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,100,000</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">New York Convention Center Development Corp., Revenue Bonds (Insured;
Assured Guaranty Municipal Corp.) Ser. B</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">0.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/15/2049</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6,885,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>e</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,493,265</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">New York Counties Tobacco Trust V, Revenue Bonds, Ser. S2</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">0.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/1/2050</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">27,255,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>e</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4,005,667</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">New York Liberty Development Corp., Revenue Bonds, Refunding (3
World Trade Center Project)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">11/15/2044</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7,000,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7,656,460</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">New York Transportation Development Corp., Revenue Bonds (LaGuardia
Airport Terminal B Redevelopment Project) Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7/1/2046</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,500,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,843,700</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">New York Transportation Development Corp., Revenue Bonds, Refunding
(American Airlines Inc.)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">8/1/2026</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">500,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">528,635</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Niagara Area Development
Corp., Revenue Bonds, Refunding (Convanta Holding Project) Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4.75</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/1/2042</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,000,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,064,600</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Port Authority of New York &amp; New Jersey, Revenue Bonds (JFK
International Air Terminal LLC Project)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/1/2036</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,113,580</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Tender Option Bond Trust
Receipts (Series 2016-XM0370), (New York City Transitional Finance Authority, Future Tax Secured Subordinate
Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.25</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">13.53</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/1/2025</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,250,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,504,400</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2016-XM0438), (New York
City Transitional Finance Authority, Future Tax Secured Subordinate Revenue Bonds) Recourse, Underlying
Coupon Rate (%) 5.50</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">14.56</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">11/1/2027</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,250,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,517,675</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">TSASC, Revenue Bonds, Refunding, Ser. B</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6/1/2048</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,165,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,120,509</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;  font-size:1pt;
vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">37,848,183</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">North
Carolina - .7% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">North
Carolina Medical Care Commission, Revenue Bonds, Refunding</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">10/1/2035</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,005,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,066,737</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before:always"></p>
<page>

<p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Arial; font-style:italic; font-weight:normal">STATEMENT OF INVESTMENTS (Unaudited)
(continued)</font></p><table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td
style="width:35%">&nbsp;</td><td style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td
style="width:13.01%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:1%">&nbsp;</td></tr><tr><td
colspan=10 style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
 font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right"> Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right"><font style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-weight:normal"> </font>Maturity Date</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal
Amount ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%<font style="color:#141414; font-family:Cambria;
font-weight:normal"> </font>(continued)</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">North
Carolina - .7% (continued)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Tender
Option Bond Trust Receipts (Series 2019-XF0792), (North Carolina Medical Care Commission, Revenue Bonds,
Ser. A), Underlying Coupon Rate (%) 4.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">10.80</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/1/2049</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,500,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,348,625</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;
 font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">4,415,362</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Ohio
- 7.0% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Buckeye
Tobacco Settlement Financing Authority, Revenue Bonds, Ser. A-2</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.50</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6/1/2047</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">14,690,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">14,763,597</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Butler County, Revenue Bonds</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.50</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/1/2020</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,360,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,487,062</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Butler County, Revenue Bonds</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.50</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/1/2020</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,490,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,570,222</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Canal Winchester Local School District, GO, Refunding (Insured;
National Public Finance Guarantee Corp.)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">0.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">12/1/2031</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,955,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>e</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,881,850</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Canal Winchester Local School District, GO, Refunding (Insured;
National Public Finance Guarantee Corp.)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">0.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">12/1/2029</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,955,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>e</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,110,133</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2/15/2057</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,209,560</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Muskingum County, Revenue
Bonds (Genesis HealthCare System Project)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2/15/2022</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4,590,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4,906,480</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Ohio Air Quality Development Authority, Revenue Bonds (Ohio Valley
Electric Corp. Project) Ser. E</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.63</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">10/1/2019</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,900,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,910,697</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Ohio Air Quality Development
Authority, Revenue Bonds (Pratt Paper LLC Project)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4.50</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1/15/2048</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,250,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,395,957</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2016-XM0380), (Hamilton
County, Sewer System Improvement Revenue Bonds (The Metropolitan Sewer District of Greater Cincinnati))
Non-recourse, Underlying Coupon Rate (%) 5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12.52</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">12/1/2038</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4,250,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6,398,502</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;
 font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">42,634,060</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Oklahoma
- .3% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Oklahoma
Development Finance Authority, Revenue Bonds (OU Medicine Project) Ser. B</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.25</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">8/15/2048</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,500,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:bold; text-align:right">1,759,290</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before:always"></p>
<page>

<table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td
style="width:35%">&nbsp;</td><td style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td
style="width:13.01%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:1%">&nbsp;</td></tr><tr><td
colspan=10 style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
 font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right"> Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right"><font style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-weight:normal"> </font>Maturity Date</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal
Amount ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%<font style="color:#141414; font-family:Cambria;
font-weight:normal"> </font>(continued)</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Oregon
- .8% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Clackamas
County Hospital Facility Authority, Revenue Bonds, Refunding (Senior Living-Willamette View Project)
Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">11/15/2052</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,500,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,679,595</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Warm Springs Reservation
Confederated Tribes, Revenue Bonds (Pelton Round Butte Project) Ser. B</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.38</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/1/2033</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,300,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,336,993</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;  font-size:1pt;
vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">5,016,588</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Pennsylvania
- 3.0% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Allentown
City School District, GO, Refunding (Insured; Build America Mutual) Ser. B</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2/1/2031</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,500,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,853,100</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Crawford County Hospital Authority, Revenue Bonds, Refunding (Meadville
Medical Center Project) Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/1/2046</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,175,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,338,889</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Pennsylvania Higher Educational
Facilities Authority, Revenue Bonds (LOC; TD Bank)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1.90</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5/1/2030</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,000,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>f</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,000,000</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Refunding (University of Sciences)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/1/2036</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,675,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4,092,627</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Pennsylvania Housing Finance Agency, Revenue Bonds, Ser. 114A</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3.35</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">10/1/2026</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,500,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,531,320</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Philadelphia, GO, Refunding</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6.50</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">8/1/2020</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,550,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,745,001</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2016-XM0373), (Geisinger
Authority, Health System Revenue Bonds (Geisinger Health System)) Non-recourse  , Underlying Coupon Rate
(%) 5.13</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">13.03</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6/1/2041</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">750,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">927,263</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2018-XM0594), (Berks
County Industrial Development Authority, Health System Revenue Bonds, Refunding (Tower Health Project))
Recourse, Underlying Coupon Rate (%) 5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12.33</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/1/2050</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,230,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,929,833</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;
 font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">18,418,033</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">South
Carolina - 2.0% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">South
Carolina Jobs-Economic Development Authority, Revenue Bonds, Refunding (ACTS Retirement-Life Communities
Inc.)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">11/15/2047</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,850,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,249,199</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before:always"></p>
<page>

<p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Arial; font-style:italic; font-weight:normal">STATEMENT OF INVESTMENTS (Unaudited)
(continued)</font></p><table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td
style="width:35%">&nbsp;</td><td style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td
style="width:13.01%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:1%">&nbsp;</td></tr><tr><td
colspan=10 style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
 font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right"> Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right"><font style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-weight:normal"> </font>Maturity Date</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal
Amount ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%<font style="color:#141414; font-family:Cambria;
font-weight:normal"> </font>(continued)</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">South
Carolina - 2.0% (continued)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Tender
Option Bond Trust Receipts (Series 2016-XM0384), (South Carolina Public Service Authority, Revenue Bonds
Obligations (Santee Cooper)) Non-recourse, Underlying Coupon Rate (%) 5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">9.97</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">12/1/2043</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5,000,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6,536,450</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2016-XM0442), (Columbia,
Waterworks and Sewer System Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">15.05</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2/1/2040</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,000,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,211,160</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;
 font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">11,996,809</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Tennessee
- 1.9% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Metropolitan
Government of Nashville &amp; Davidson County Health &amp; Educational Facilities Board, Revenue Bonds,
Ser. B</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.50</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">10/1/2019</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7,000,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7,073,220</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2016-XM0388), (Metropolitan
Government of Nashville and Davidson County, Water and Sewer Revenue Bonds) Non-recourse, Underlying
Coupon Rate (%) 5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">11.84</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7/1/2040</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,250,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,831,112</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2016-XM0446), (Rutherford
County Health and Educational Facilities Board, Revenue Bonds (Ascension Health Senior Credit Group))
Recourse, Underlying Coupon Rate (%) 5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12.41</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11/15/2040</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,500,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,619,250</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;
 font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">11,523,582</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Texas
- 5.9% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Central
Texas Regional Mobility Authority, Revenue Bonds</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1/1/2048</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,500,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,884,625</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Central Texas Regional Mobility Authority, Revenue Bonds, Ser.
A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1/1/2045</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,500,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,684,035</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Clifton Higher Education
Finance Corp., Revenue Bonds (International Leadership) Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.75</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">8/15/2045</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4,500,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4,825,080</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Clifton Higher Education Finance Corp., Revenue Bonds (International
Leadership) Ser. D</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.13</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">8/15/2048</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6,544,260</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Clifton Higher Education
Finance Corp., Revenue Bonds, Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4.50</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/1/2044</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,500,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,571,250</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Clifton Higher Education
Finance Corp., Revenue Bonds, Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">6.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/1/2020</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,500,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,660,400</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before:always"></p>
<page>

<table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td
style="width:35%">&nbsp;</td><td style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td
style="width:13.01%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:1%">&nbsp;</td></tr><tr><td
colspan=10 style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
 font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right"> Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right"><font style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-weight:normal"> </font>Maturity Date</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal
Amount ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%<font style="color:#141414; font-family:Cambria;
font-weight:normal"> </font>(continued)</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Texas
- 5.9% (continued)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Harris
County-Houston Sports Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)
Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">0.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">11/15/2050</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">6,500,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>e</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,764,945</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline
Project)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4.63</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">10/1/2031</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,500,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,605,810</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2016-XM0377), (San Antonio,
Electric and Gas Systems Junior Lien Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">12.52</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2/1/2043</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4,185,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5,874,526</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2017-XF2422), (Leander
Independent School District, Unlimited Tax School Building Bonds (Permanent School Fund Guarantee Program))
Recourse, Underlying Coupon Rate (%) 5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7.56</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">8/15/2040</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4,255,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4,291,593</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Texas Private Activity Bond Surface Transportation Corp., Revenue
Bonds (Blueridge Transportation Group)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/31/2050</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,300,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,434,368</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7
style="background-color:#d9d9d9;  font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;
 vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:bold; text-align:right">36,140,892</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">U.S. Related - 1.4% </p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Guam, Revenue Bonds, Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.75</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">12/1/2019</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,000,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,037,340</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Guam Housing Corp., Revenue Bonds (Insured; Federal Home Loan
Mortgage Corp.) Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.75</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">9/1/2031</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">965,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">984,213</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Guam Waterworks Authority,
Revenue Bonds</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.63</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7/1/2020</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,000,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>d</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,086,240</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Puerto Rico Commonwealth, GO, Refunding (Insured; Assured Guaranty
Municipal Corp.) Ser. A</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7/1/2035</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,500,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">3,676,120</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7
style="background-color:#d9d9d9;  font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;
 vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:bold; text-align:right">8,783,913</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Utah - .4% </p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Utah Infrastructure Agency, Revenue Bonds, Refunding, Ser. A</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">10/15/2040</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,345,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">2,514,239</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Virginia
- 2.3% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Chesterfield
County Economic Development Authority, Revenue Bonds (Brandermill Woods Project)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.13</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1/1/2043</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,100,000</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,155,104</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before:always"></p>
<page>

<p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Arial; font-style:italic; font-weight:normal">STATEMENT OF INVESTMENTS (Unaudited)
(continued)</font></p><table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td
style="width:35%">&nbsp;</td><td style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td
style="width:13.01%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:1%">&nbsp;</td></tr><tr><td
colspan=10 style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
 font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right"> Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right"><font style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-weight:normal"> </font>Maturity Date</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal
Amount ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%<font style="color:#141414; font-family:Cambria;
font-weight:normal"> </font>(continued)</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Virginia
- 2.3% (continued)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Tender
Option Bond Trust Receipts (Series 2016-XM0448), (Virginia Small Business Financing Authority, Health
Care Facilities Revenue Bonds (Sentara Healthcare)) Recourse, Underlying Coupon Rate (%) 5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">12.41</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">11/1/2040</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,500,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,773,075</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2018-XM0593), (Hampton
Roads Transportation Accountability Commission, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.50</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">14.86</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7/1/2057</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,875,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">3,562,144</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Virginia Small Business Financing Authority, Revenue Bonds (Transform
66 P3 Project)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/31/2056</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5,615,400</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7
style="background-color:#d9d9d9;  font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;
 vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:bold; text-align:right">14,105,723</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Washington - 3.8% </p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">King County School District No 210 Federal Way, GO (Insured; School
Bond Guaranty)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">4.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12/1/2034</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">2,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,249,320</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Seattle, Revenue Bonds,
Refunding, Ser. D</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5/1/2027</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">4,300,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5,274,724</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Tender Option Bond Trust
Receipts (Series 2017-XF2423), (King County, Server Revenue Bonds) Recourse, Underlying Coupon Rate (%)
5.00</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">12.61</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1/1/2029</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,000,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,214,550</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Tender Option Bond Trust Receipts (Series 2018-XM0680), (Washington
Convention Center Public Facilities District, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">7.20</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">7/1/2058</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">8,500,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>b,c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">11,153,785</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Washington Housing Finance Commission, Revenue Bonds, Refunding
(Presbyterian Retirement Communities Northwest Projects) Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1/1/2051</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,700,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,831,512</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Washington Housing Finance Commission, Revenue Bonds, Refunding
(Presbyterian Retirement Communities Northwest Projects) Ser. A</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1/1/2046</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,500,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">1,619,940</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;
 font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">23,343,831</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Wisconsin
- .5% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Public
Finance Authority, Revenue Bonds (Southmister Inc.)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.00</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">10/1/2048</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,000,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">2,189,080</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table>

<p><hr color=#000000 noshade></p>
<p style="page-break-before:always"></p>
<page>

<table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt"><td
style="width:35%">&nbsp;</td><td style="width:6%">&nbsp;</td><td style="width:9%">&nbsp;</td><td style="width:1%">&nbsp;</td><td
style="width:13.01%">&nbsp;</td><td style="width:1%">&nbsp;</td><td style="width:15%">&nbsp;</td><td
style="width:4%">&nbsp;</td><td style="width:15%">&nbsp;</td><td style="width:1%">&nbsp;</td></tr><tr><td
colspan=10 style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
 font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left">Description</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right"> Coupon <br>Rate (%)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right"><font style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-weight:normal"> </font>Maturity Date</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">Principal
Amount ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">Value ($)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt">Long-Term Municipal Investments - 98.8%<font style="color:#141414; font-family:Cambria;
font-weight:normal"> </font>(continued)</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Wisconsin
- .5% (continued)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Public
Finance Authority, Revenue Bonds, Refunding (Mary's Woods at Marylhurst Project)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">5.25</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">5/15/2047</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">750,000</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="font-family:Cambria; font-size:7.5pt;
font-style:normal; font-weight:normal; text-align:left"><font style="font-family:Cambria; font-weight:normal"><sup>b</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">811,695</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=7 style="background-color:#d9d9d9;
 font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">3,000,775</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:7.5pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt"><font
style="color:#141414; font-family:Cambria; font-weight:bold">Total</font><font style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-weight:bold"> </font><font style="color:#141414; font-family:Cambria;
font-weight:bold">Long-Term Municipal Investments</font><br> (cost $549,873,061)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=3 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:bold; text-align:right">604,942,290</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td colspan=2 style="background-color:#d9d9d9;  font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;
border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Short-Term Municipal Investments - .2%</p></td><td style="background-color:#d9d9d9;
border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Texas
- .2% </p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Gulf
Coast Industrial Development Authority, Revenue Bonds (ExxonMobil Project)<br>(cost $1,000,000)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1.88</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">11/1/2041</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right">1,000,000</p></td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:left"><font
style="font-family:Cambria; font-weight:normal"><sup>f</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:bold; text-align:right">1,000,000</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt"><font style="color:#141414; font-family:Cambria; font-weight:bold">Total
Investments </font>(cost $553,391,211)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right">99.4%</p></td><td colspan=2 style="background-color:#d9d9d9;
 vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:right">608,526,440</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;  vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt">Cash and Receivables (Net)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right">13.5%</p></td><td
colspan=2 style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right">82,511,724</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;
 vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Preferred Stock, at redemption
value</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right">(12.9%)</p></td><td colspan=2
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right">(78,900,000)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td colspan=5 style="background-color:#d9d9d9;
 vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt">Net Assets Applicable to
Common Shareholders</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right">100.0%</p></td><td colspan=2
style="background-color:#d9d9d9;  vertical-align:bottom"><p style="color:#141414; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right">612,138,164</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Serif; font-size:8.0pt;
font-style:italic; font-weight:normal; margin-left:10.80pt; text-align:left; text-indent:-10.80pt"><font
style="font-family:Serif; font-style:italic; font-weight:normal"><sup>a</sup></font><font style="word-spacing:6.4pt">&nbsp;</font>Zero
coupon until a specified date at which time the stated coupon rate becomes effective until maturity.</p><p
style="font-family:Serif; font-size:8.0pt; font-style:italic; font-weight:normal; margin-left:10.80pt;
text-align:left; text-indent:-10.80pt"><font style="font-family:Serif; font-style:italic; font-weight:normal"><sup>b</sup></font><font
style="word-spacing:6.4pt">&nbsp;</font>Security exempt from registration pursuant to Rule 144A under
the Securities Act of 1933. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At June 30, 2019, these securities were valued at $170,317,612
or 27.82% of net assets.</p><p style="font-family:Serif; font-size:8.0pt; font-style:italic; font-weight:normal;
margin-left:10.80pt; text-align:left; text-indent:-10.80pt"><font style="font-family:Serif; font-style:italic;
font-weight:normal"><sup>c</sup></font><font style="word-spacing:6.4pt">&nbsp;</font>Collateral for floating
rate borrowings. The coupon rate given represents the current interest rate for the inverse floating
rate security.</p><p style="font-family:Serif; font-size:8.0pt; font-style:italic; font-weight:normal;
margin-left:10.80pt; text-align:left; text-indent:-10.80pt"><font style="font-family:Serif; font-style:italic;
font-weight:normal"><sup>d</sup></font><font style="word-spacing:6.4pt">&nbsp;</font>These securities
are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized
by U.S. Government securities which are held in escrow and are used to pay principal and interest on
the municipal issue and to retire the bonds in full at the earliest refunding date.</p><p style="font-family:Serif;
font-size:8.0pt; font-style:italic; font-weight:normal; margin-left:10.80pt; text-align:left; text-indent:-10.80pt"><font
style="font-family:Serif; font-style:italic; font-weight:normal"><sup>e</sup></font><font style="word-spacing:6.4pt">&nbsp;</font>Security
issued with a zero coupon. Income is recognized through the accretion of discount.</p><p style="font-family:Serif;
font-size:8.0pt; font-style:italic; font-weight:normal; margin-left:10.80pt; text-align:left; text-indent:-10.80pt"><font
style="font-family:Serif; font-style:italic; font-weight:normal"><sup>f</sup></font><font style="word-spacing:6.4pt">&nbsp;</font>The
Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing
market conditions and may, but need not, be established by reference to one or more financial indices.</p>

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<p style="font-family:Arial; font-size:11.5pt; font-style:normal; font-weight:normal; text-align:left">STATEMENT
OF INVESTMENTS<br>BNY Mellon&#160;Strategic Municipals, Inc.</p><p style="font-family:Arial; font-size:9.0pt;
font-style:normal; font-weight:normal; text-align:left">June 30, 2019 (Unaudited)</p><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify">The following is a summary
of the inputs used as of June 30, 2019<font style="color:#ff0000; font-family:Serif; font-style:normal;
font-weight:normal"> </font>in valuing the fund&#8217;s investments:</p><table cellpadding="0" cellspacing="0"
width="100%" style="clear:both"><tr style="font-size:1pt"><td style="width:28.9%">&nbsp;</td><td style="width:18.36%">&nbsp;</td><td
style="width:18.26%">&nbsp;</td><td style="width:15.89%">&nbsp;</td><td style="width:18.58%">&nbsp;</td></tr><tr><td
style="border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right">Level
1 - Unadjusted Quoted Prices</p></td><td style="border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right">Level 2 - Other Significant Observable Inputs</p></td><td style="border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right">Level
3 - Significant Unobservable Inputs</p></td><td style="border-bottom:0.5pt; border-bottom-color:#000000;
border-bottom-style:solid; vertical-align:bottom"><p style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:normal; text-align:right">Total</p></td></tr><tr><td style="vertical-align:top"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:11.50pt;
text-align:left; text-indent:-07.20pt">Assets ($)</p></td><td style="vertical-align:bottom"><p style="font-family:Serif;
font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left">&#160;</p></td><td style="vertical-align:bottom"><p
style="font-family:Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left">&#160;</p></td><td
style="vertical-align:bottom"><p style="font-family:Serif; font-size:10.0pt; font-style:normal; font-weight:normal;
text-align:left">&#160;</p></td><td style="vertical-align:bottom"><p style="font-family:Serif; font-size:10.0pt;
font-style:normal; font-weight:normal; text-align:left">&#160;</p></td></tr><tr><td style="vertical-align:top"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:11.50pt;
text-align:left; text-indent:-07.20pt">Investments in Securities:</p></td><td style="font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:11.50pt;
text-align:left; text-indent:-07.20pt">Municipal Bonds<font style="color:#141414; font-family:Cambria;
font-weight:normal"><sup>&#8224;</sup></font></p></td><td style="vertical-align:bottom"><p style="color:#141414;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right">-</p></td><td
style="vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:center">         608,526,440</p></td><td style="vertical-align:bottom"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right">-</p></td><td
style="vertical-align:bottom"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:right">608,526,440</p></td></tr></table><p style="font-family:Serif; font-size:8.0pt;
font-style:italic; font-weight:normal; margin-left:10.80pt; text-align:left; text-indent:-10.80pt"><font
style="font-family:Agency FB; font-style:italic; font-weight:normal"><sup>&#8224;</sup></font><font style="font-family:Serif;
font-style:italic; font-weight:normal"><sup><font style="word-spacing:8.0pt">&nbsp;</font></sup></font><font
style="font-family:Serif; font-size:7.5pt; font-style:italic; font-weight:normal">See Statement of Investments
for additional detailed categorizations.</font></p>

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<p style="font-family:Arial; font-size:11.5pt; font-style:normal; font-weight:normal; text-align:left">NOTES</p><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify">The
Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification is the exclusive
reference of authoritative U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) recognized by the
FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and
Exchange Commission (&#8220;SEC&#8221;) under authority of federal laws are also sources of authoritative GAAP
for SEC registrants. The fund&#8217;s financial statements are prepared in accordance with GAAP, which may
require the use of management estimates and assumptions. Actual results could differ from those estimates.</p><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify">The
fair value of a financial instrument is the amount that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date (i.e.,
the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques
used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to
unobservable inputs (Level 3 measurements).</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal;
font-weight:normal; text-align:justify">Additionally, GAAP provides guidance on determining whether the
volume and activity in a market has decreased significantly and whether such a decrease in activity results
in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and
techniques used during annual and interim periods.</p><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:justify">Various inputs are used in determining the
value of the fund&#8217;s investments relating to fair value measurements. These inputs are summarized in
the three broad levels listed below:</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal;
font-weight:normal; margin-left:18.00pt; text-align:justify"><font style="font-family:Serif; font-style:normal;
font-weight:bold">Level 1</font>&#8212;unadjusted quoted prices in active markets for identical investments.</p><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; margin-left:18.00pt;
text-align:justify"><font style="font-family:Serif; font-style:normal; font-weight:bold">Level 2</font>&#8212;other
significant observable inputs (including quoted prices for similar investments, interest rates, prepayment
speeds, credit risk, etc.).</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal;
margin-left:18.00pt; text-align:justify"><font style="font-family:Serif; font-style:normal; font-weight:bold">Level
3</font>&#8212;significant unobservable inputs (including the fund&#8217;s own assumptions in determining the
fair value of investments).</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal;
text-align:justify">The inputs or methodology used for valuing securities are not necessarily an indication
of the risk associated with investing in those securities.</p><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:justify">Changes in valuation techniques may result
in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used
to value the fund&#8217;s investments are as follows:</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal;
font-weight:normal; text-align:justify">Investments in securities are valued each business day by an
independent pricing service (the &#8220;Service&#8221;) approved by the fund's Board Members (the &#8220;Board&#8221;)
Investments for which quoted bid prices are readily available and are representative of the bid side
of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as
obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service
based upon its evaluation of the market for such securities). Other investments (which constitute a majority
of the portfolio securities) are carried at </p>

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<p style="font-family:Arial; font-size:11.5pt; font-style:normal; font-weight:normal; text-align:left">NOTES</p><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify">fair
value as determined by the Service, based on methods which include consideration of the following: yields
or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to
values from dealers; and general market conditions. All of the preceding securities are generally categorized
within Level 2 of the fair value hierarchy.  </p><p style="font-family:Serif; font-size:10.5pt; font-style:normal;
font-weight:normal; text-align:justify">The Service is engaged under the general oversight of the Board.</p><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify">When
market quotations or official closing prices are not readily available, or are determined not to accurately
reflect fair value, such as when the value of a security has been significantly affected by events after
the close of the exchange or market on which the security is principally traded, but before the fund
calculates its net asset value, the fund may value these investments at fair value as determined in accordance
with the procedures approved by the Board. Certain factors may be considered when fair valuing investments
such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation
of the forces that influence the market in which the securities are purchased and sold, and public trading
in similar securities of the issuer or comparable issuers. These securities are either categorized within
Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.</p><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify">For restricted securities
where observable inputs are limited, assumptions about market activity and risk are used and such securities
are generally categorized within Level 3 of the fair value hierarchy.  </p><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify">At June 30, 2019, accumulated
net unrealized appreciation on investments was $55,135,229, consisting of $55,565,411 gross unrealized
appreciation and $430,182 gross unrealized depreciation. </p><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:justify">At June 30, 2019, the cost of investments
for federal income tax purposes was substantially the same as the cost for financial reporting purposes
(see the Statement of Investments).</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal;
font-weight:normal; text-align:justify">Additional investment related disclosures are hereby incorporated
by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.</p>

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