<SEC-DOCUMENT>0000818972-21-000003.txt : 20210527
<SEC-HEADER>0000818972-21-000003.hdr.sgml : 20210527
<ACCEPTANCE-DATETIME>20210527140238
ACCESSION NUMBER:		0000818972-21-000003
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20210331
FILED AS OF DATE:		20210527
DATE AS OF CHANGE:		20210527
EFFECTIVENESS DATE:		20210527

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:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05245
		FILM NUMBER:		21971130

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>lp1.htm
<DESCRIPTION>FORM NCSRS
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">FORM N-CSR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT<BR>
INVESTMENT COMPANIES</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Investment Company Act file number</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">811-05245</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">BNY Mellon Strategic Municipals, Inc.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Exact name of Registrant as specified in charter)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">c/o BNY Mellon Investment Adviser, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">240 Greenwich Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10286</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip code)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Bennett A. MacDougall, Esq.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">240 Greenwich Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10286</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name and address of agent for service)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Registrant's telephone number, including area code:&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(212) 922-6400</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date of fiscal year end:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">09/30</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date of reporting period:</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">03/31/2021</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>FORM N-CSR</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 1.</B></TD><TD><B>Reports to Stockholders.</B></TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt"></P>

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<p style="color:#292526; font-family:Serif; font-size:24.0pt; font-style:normal; font-weight:normal;
text-align:center;">BNY Mellon Strategic Municipals, Inc.</p><table cellpadding="2" cellspacing="0" width="57%"
align="center" style="clear:both"><tr style="font-size:1pt;"><td style="width:100%">&nbsp;</td></tr><tr><td
style="background-color:#cccccc; font-size:1pt; vertical-align:middle;"><p style="color:#000000; font-family:Arial;
font-size:16.0pt; font-style:normal; font-weight:bold; text-align:center;">SEMIANNUAL REPORT</p><p style="color:#000000;
font-family:Arial; font-size:16.0pt; font-style:normal; font-weight:normal; text-align:center;">March
31, 2021</p></td></tr></table><table cellpadding="2" cellspacing="0" width="100%" style="clear:both"><tr
style="font-size:1pt;"><td style="width:100%">&nbsp;</td></tr><tr><td style="font-size:1pt; vertical-align:top;"><p
style="font-family:Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:right;"><img src="img_452f30e44fab4.jpg"></p></td></tr></table>

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<table cellpadding="2" cellspacing="0" width="82%" align="center" style="clear:both"><tr style="font-size:1pt;"><td
style="width:100%">&nbsp;</td></tr><tr><td style="border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
border-left:0.5pt; border-left-color:#000000; border-left-style:solid; border-right:0.5pt; border-right-color:#000000;
border-right-style:solid; border-top:0.5pt; border-top-color:#000000; border-top-style:solid; font-size:1pt;
vertical-align:top;"><p style="font-family:Serif; font-size:9.5pt; font-style:normal; font-weight:bold;
text-align:center;">BNY Mellon Strategic Municipals, Inc.</p><p style="font-family:Serif; font-size:9.5pt;
font-style:normal; font-weight:bold; text-align:center;">Protecting Your Privacy<br>Our Pledge to You</p><p
style="font-family:Bembo; font-size:9.5pt; font-style:normal; font-weight:normal; margin-left:05.75pt;
text-align:justify;"><font style="font-family:Bembo; font-weight:bold;">THE FUND IS COMMITTED TO YOUR
PRIVACY.</font> On this page, you will find the fund&#8217;s policies and practices for collecting, disclosing,
and safeguarding &#8220;nonpublic personal information,&#8221; which may include financial or other customer
information. These policies apply to individuals who purchase fund shares for personal, family, or household
purposes, or have done so in the past. This notification replaces all previous statements of the fund&#8217;s
consumer privacy policy, and may be amended at any time. We&#8217;ll keep you informed of changes as required
by law.</p><p style="font-family:Bembo; font-size:9.5pt; font-style:normal; font-weight:normal; margin-left:05.75pt;
text-align:justify;"><font style="font-family:Bembo; font-weight:bold;">YOUR ACCOUNT IS PROVIDED IN A
SECURE ENVIRONMENT.</font> The fund maintains physical, electronic and procedural safeguards that comply
with federal regulations to guard nonpublic personal information. The fund&#8217;s agents and service providers
have limited access to customer information based on their role in servicing your account.</p><p style="font-family:Bembo;
font-size:9.5pt; font-style:normal; font-weight:normal; margin-left:05.75pt; text-align:justify;"><font
style="font-family:Bembo; font-weight:bold;">THE FUND COLLECTS INFORMATION IN ORDER TO SERVICE AND ADMINISTER
YOUR ACCOUNT. </font>The fund collects a variety of nonpublic personal information, which may include:</p><p
style="font-family:Bembo; font-size:9.5pt; font-style:normal; font-weight:normal; margin-left:19.70pt;
text-align:justify; text-indent:-13.70pt;">&#8226;<font style="word-spacing:7.85pt;">&nbsp;</font>Information
we receive from you, such as your name, address, and social security number.</p><p style="font-family:Bembo;
font-size:9.5pt; font-style:normal; font-weight:normal; margin-left:19.70pt; text-align:justify; text-indent:-13.70pt;">&#8226;<font
style="word-spacing:7.85pt;">&nbsp;</font>Information about your transactions with us, such as the purchase
or sale of fund shares.</p><p style="font-family:Bembo; font-size:9.5pt; font-style:normal; font-weight:normal;
margin-left:19.70pt; text-align:justify; text-indent:-13.70pt;">&#8226;<font style="word-spacing:7.85pt;">&nbsp;</font>Information
we receive from agents and service providers, such as proxy voting information.</p><p style="font-family:Bembo;
font-size:9.5pt; font-style:normal; font-weight:bold; margin-left:05.75pt; text-align:left;">THE FUND
DOES NOT SHARE NONPUBLIC PERSONAL INFORMATION WITH ANYONE, EXCEPT AS PERMITTED BY LAW.</p><p style="font-family:Bembo;
font-size:9.5pt; font-style:italic; font-weight:bold; margin-left:05.75pt; text-align:left;">Thank you
for this opportunity to serve you.</p></td></tr></table><table cellpadding="2" cellspacing="0" width="77%"
style="clear:both"><tr style="font-size:1pt;"><td style="width:100%">&nbsp;</td></tr><tr><td style="font-size:1pt;
vertical-align:top;"><p style="font-family:Serif; font-size:10.0pt; font-style:normal; font-weight:normal;
text-align:justify;">The views expressed in this report reflect those of the portfolio manager(s) only
through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment
Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views
are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser,
Inc. disclaims any responsibility to update such views. These views may not be relied on as investment
advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous
factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon
Family of Funds.</p></td></tr><tr><td style="border-bottom:1.0pt; border-bottom-color:#000000; border-bottom-style:solid;
font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td style="border-bottom:1.0pt; border-bottom-color:#000000;
border-bottom-style:solid; border-left:1.0pt; border-left-color:#000000; border-left-style:solid; border-right:1.0pt;
border-right-color:#000000; border-right-style:solid; vertical-align:middle;"><p style="font-family:Serif;
font-size:9.5pt; font-style:normal; font-weight:normal; text-align:center;">Not FDIC-Insured &#8226; Not
Bank-Guaranteed &#8226; May Lose Value</p></td></tr></table>

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<p style="font-family:Arial; font-size:28.0pt; font-style:normal; font-weight:normal; margin-left:108.00pt;
text-align:justify;">Contents</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal;
margin-left:108.00pt; text-align:left;">T H E  F U N D</p><table cellpadding="0" cellspacing="0" width="100%"
style="clear:both"><tr style="font-size:1pt;"><td style="width:77.67%">&nbsp;</td><td style="width:22.33%">&nbsp;</td></tr><tr><td
style="vertical-align:bottom;"><p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal;
margin-left:108.00pt; text-align:left;"><a href="#1"><font style="font-family:Serif; font-style:normal;
font-weight:normal;">Discussion of Fund Performance</font></a></p></td><td style="vertical-align:bottom;"><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:right;"><a href="#1"><font
style="font-family:Serif; font-style:normal; font-weight:normal;">2</font></a></p></td></tr><tr><td style="vertical-align:bottom;"><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; margin-left:108.00pt;
text-align:left;"><a href="#2"><font style="font-family:Serif; font-style:normal; font-weight:normal;">Statement
of Investments</font></a></p></td><td style="vertical-align:bottom;"><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:right;"><a href="#2"><font style="font-family:Serif;
font-style:normal; font-weight:normal;">5</font></a></p></td></tr><tr><td style="vertical-align:bottom;"><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; margin-left:108.00pt;
text-align:left;"><a href="#3"><font style="font-family:Serif; font-style:normal; font-weight:normal;">Statement
of Assets and Liabilities</font></a></p></td><td style="vertical-align:bottom;"><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; text-align:right;"><a href="#3"><font style="font-family:Serif;
font-style:normal; font-weight:normal;">26</font></a></p></td></tr><tr><td style="vertical-align:bottom;"><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; margin-left:108.00pt;
text-align:left;"><a href="#4"><font style="font-family:Serif; font-style:normal; font-weight:normal;">Statement
of Operations</font></a></p></td><td style="vertical-align:bottom;"><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:right;"><a href="#4"><font style="font-family:Serif;
font-style:normal; font-weight:normal;">27</font></a></p></td></tr><tr><td style="vertical-align:bottom;"><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; margin-left:108.00pt;
text-align:left;"><a href="#5"><font style="font-family:Serif; font-style:normal; font-weight:normal;">Statement
of Cash Flows</font></a></p></td><td style="vertical-align:bottom;"><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:right;"><a href="#5"><font style="font-family:Serif;
font-style:normal; font-weight:normal;">28</font></a></p></td></tr><tr><td style="vertical-align:bottom;"><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; margin-left:108.00pt;
text-align:left;"><a href="#6"><font style="font-family:Serif; font-style:normal; font-weight:normal;">Statement
of Changes in Net Assets</font></a></p></td><td style="vertical-align:bottom;"><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; text-align:right;"><a href="#6"><font style="font-family:Serif;
font-style:normal; font-weight:normal;">29</font></a></p></td></tr><tr><td style="vertical-align:bottom;"><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; margin-left:108.00pt;
text-align:left;"><a href="#7"><font style="font-family:Serif; font-style:normal; font-weight:normal;">Financial
Highlights</font></a></p></td><td style="vertical-align:bottom;"><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:right;"><a href="#7"><font style="font-family:Serif;
font-style:normal; font-weight:normal;">30</font></a></p></td></tr><tr><td style="vertical-align:bottom;"><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; margin-left:108.00pt;
text-align:left;"><a href="#8"><font style="font-family:Serif; font-style:normal; font-weight:normal;">Notes
to Financial Statements</font></a></p></td><td style="vertical-align:bottom;"><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; text-align:right;"><a href="#8"><font style="font-family:Serif;
font-style:normal; font-weight:normal;">32</font></a></p></td></tr><tr><td style="vertical-align:bottom;"><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; margin-left:108.00pt;
text-align:left;"><a href="#9"><font style="font-family:Serif; font-style:normal; font-weight:normal;">Information
About the Renewal of</font><br><font style="font-family:Serif; font-style:normal; font-weight:normal;">
  the Fund&#8217;s Management Agreement</font></a></p></td><td style="vertical-align:bottom;"><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; text-align:right;"><a href="#9"><font style="font-family:Serif;
font-style:normal; font-weight:normal;">41</font></a></p></td></tr><tr><td style="vertical-align:bottom;"><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; margin-left:108.00pt;
text-align:left;"><a href="#10"><font style="font-family:Serif; font-style:normal; font-weight:normal;">Officers
and Directors</font></a></p></td><td style="vertical-align:bottom;"><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:right;"><a href="#10"><font style="font-family:Serif;
font-style:normal; font-weight:normal;">45</font></a></p></td></tr></table><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; margin-left:108.00pt; text-align:left;">F O
R  M O R E  I N F O R M AT I O N </p><div style="border-bottom:1.0pt; border-bottom-color:#000000; border-bottom-style:solid;
margin-top:12pt; padding:0pt 0pt 1pt 0pt;"><div style="font-family:Serif; font-size:1.0pt; font-style:normal;
font-weight:normal; text-align:left;"><font style="word-spacing:1.0pt;">&nbsp;</font></div></div><p style="font-family:Serif;
font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:108.00pt; text-align:left;">Back
Cover</p>

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<p style="font-family:Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font
style="font-family:Arial; font-size:11.5pt; font-weight:normal;">DISCUSSION OF FUND PERFORMANCE</font>
<font style="font-family:Arial; font-size:9.0pt; font-weight:normal;">(Unaudited)</font></p><p style="font-family:Serif;
font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><a name="1"></a><font style="font-family:Serif;
font-style:normal; font-weight:normal;"> </font></p><p style="font-family:Serif; font-size:9.5pt; font-style:italic;
font-weight:normal; text-align:left;">For the period from October 1, 2020 through March 31, 2021, as
provided by Daniel Rabasco and Jeffrey Burger, Primary Portfolio Managers</p><p style="font-family:Arial;
font-size:9.5pt; font-style:normal; font-weight:bold; text-align:left;">Market and Fund Performance Overview</p><p
style="font-family:Serif; font-size:9.5pt; font-style:normal; font-weight:normal; text-align:justify;">For
the six-month period ended March 31, 2021, BNY Mellon Strategic Municipals, Inc. produced a total return
of 5.69% on a net-asset-value basis and 5.72% on a market price basis.<font style="font-family:Serif;
font-style:normal; font-weight:normal;"><sup>1</sup></font> Over the same period, the fund provided aggregate
income dividends of $0.21 per share, which reflects an annualized distribution rate of 4.92%.<font style="font-family:Serif;
font-style:normal; font-weight:normal;"><sup>2</sup></font></p><p style="font-family:Serif; font-size:9.5pt;
font-style:normal; font-weight:normal; text-align:justify;">Municipal bonds rose during the reporting
period as the market recovered from the market turmoil that resulted from the COVID-19 pandemic. The
pandemic resulted in a flight to safety that hurt municipal market performance earlier in the year, but
the market rallied as lockdowns were eased, and the economy continued to rebound.  </p><p style="font-family:Arial;
font-size:9.5pt; font-style:normal; font-weight:bold; text-align:left;">The Fund&#8217;s Investment Approach</p><p
style="font-family:Serif; font-size:9.5pt; font-style:normal; font-weight:normal; text-align:justify;">The
fund&#8217;s investment objective is to maximize current income exempt from federal income tax to the extent
consistent with the preservation of capital. Under normal market conditions, the fund invests at least
80% of its net assets in municipal obligations. Generally, the fund invests at least 50% of its net assets
in municipal bonds considered investment grade or the unrated equivalent as determined by BNY Mellon
Investment Adviser, Inc. in the case of bonds, and in the two highest rating categories or the unrated
equivalent as determined by BNY Mellon Investment Adviser, Inc. in the case of short-term obligations
having or deemed to have maturities of less than one year. </p><p style="font-family:Serif; font-size:9.5pt;
font-style:normal; font-weight:normal; text-align:justify;">To this end, portfolio construction focuses
on income opportunities, through analysis of each bond&#8217;s structure, including close attention to each
bond&#8217;s yield, maturity and early redemption features. When making new investments, we focus on identifying
undervalued sectors and securities, and we minimize reliance on interest-rate forecasting. We select
municipal bonds based on fundamental credit analysis to estimate the relative value and attractiveness
of various sectors and securities and to exploit pricing inefficiencies in the municipal bond market.
We actively trade among various sectors, such as escrowed, general obligation and revenue, based on their
apparent relative values. Leverage, which is utilized in the portfolio in order to generate a higher
level of current income exempt from regular federal income taxes, does amplify the fund&#8217;s exposure
to interest-rate movements, and potentially, gains or losses, especially those among the longest maturities.</p><p
style="font-family:Arial; font-size:9.5pt; font-style:normal; font-weight:bold; text-align:left;">Lifted
Lockdowns and Economic Recovery Further Aid Market </p><p style="font-family:Serif; font-size:9.5pt;
font-style:normal; font-weight:normal; text-align:justify;">The municipal bond market experienced extraordinary
volatility early in 2020 as the COVID-19 virus spread, and government shutdowns caused the economy to
slow dramatically. Support from the Federal Reserve (the &#8220;Fed&#8221;), an easing of government-mandated
lockdowns and strong inflows to municipal bond funds toward the end of 2020 bolstered the market. </p><p
style="font-family:Serif; font-size:9.5pt; font-style:normal; font-weight:normal; text-align:justify;">Approval
of multiple COVID-19 vaccines and passage of a federal stimulus package also contributed further to demand.
Although the stimulus package did not include direct relief for states and municipalities, the market
took a favorable view of funding for hospitals and mass transit, among other segments, as well as for
consumers and small businesses. </p><p style="font-family:Serif; font-size:9.5pt; font-style:normal;
font-weight:normal; text-align:justify;">The results of the November 2020 election provided additional
support. A Democrat-controlled Congress made federal relief for state and local governments more likely.
It also made income tax hikes more likely, adding to the appeal of tax-exempt municipal securities. The
prospect of an </p><p style="font-family:Arial; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:center;"><font style="font-family:Arial; font-weight:bold;">2</font></p>

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<p style="font-family:Serif; font-size:9.5pt; font-style:normal; font-weight:normal; text-align:justify;">increase
in the corporate tax rate made municipal bonds more appealing to institutional buyers as well, and relatively
high interest rates also attracted foreign investors. </p><p style="font-family:Serif; font-size:9.5pt;
font-style:normal; font-weight:normal; text-align:justify;">Investors were also encouraged by the fiscal
health of municipal issuers, which turned out to be much stronger than expected. Tax revenues remained
robust because real estate and income tax collections failed to decline as much as predicted. Progressive
tax regimes proved advantageous because higher-earning, white-collar workers were largely unaffected
by the pandemic. In addition, federal support to households, school systems, the transportation system
and other segments bolstered the economy and prevented sales taxes from declining as much as originally
feared. </p><p style="font-family:Serif; font-size:9.5pt; font-style:normal; font-weight:normal; text-align:justify;">Revenue
bonds generally outperformed general obligation bonds late in the period as hard-hit market segments
such as transportation and hospitals recovered when investors became more confident that the end of the
pandemic was likely. Yield spreads of municipal bonds over Treasury bonds compressed late in the reporting
period. This was due to both a rise in long-term Treasury yields and to a decline in long-term municipal
bond yields. Although the municipal bond market experienced some turmoil late in the period as the prospects
of a stronger economy and an increase in inflation have grown, most of the volatility occurred among
longer maturities. </p><p style="font-family:Serif; font-size:9.5pt; font-style:normal; font-weight:normal;
text-align:justify;">Despite an increase in volatility, the municipal bond market has benefited from
strong fundamentals due in part to a $350 billion relief package from the federal government. In addition,
inflows to municipal bond mutual funds in 2021 have been the strongest on record.</p><p style="font-family:Arial;
font-size:9.5pt; font-style:normal; font-weight:bold; text-align:left;">Asset Allocation and Security
Selection Enhanced Returns</p><p style="font-family:Serif; font-size:9.5pt; font-style:normal; font-weight:normal;
text-align:justify;">The fund&#8217;s performance was supported by its overweight position in revenue bonds
and an underweight position in general obligation bonds. Security selection was also favorable as positions
in Chicago general obligation bonds performed well. In addition, positions in the health care, education,
industrial development, special tax and tobacco sectors also contributed positively to returns. The fund
did not employ derivatives during the reporting period. </p><p style="font-family:Serif; font-size:9.5pt;
font-style:normal; font-weight:normal; text-align:justify;">On a less positive note, the fund&#8217;s performance
was hampered by its curve positioning and longer duration since longer-term bonds underperformed. Security
selection in certain higher-quality sectors also hindered returns. Positions in the water and sewer,
housing and power sectors in particular were detrimental.</p><p style="font-family:Arial; font-size:9.5pt;
font-style:normal; font-weight:bold; text-align:left;">A Positive Stance</p><p style="font-family:Serif;
font-size:9.5pt; font-style:normal; font-weight:normal; text-align:justify;">The economic fundamentals,
as well as supply and demand factors, bode well for the municipal bond market. Issuers have weathered
the pandemic in a better fashion than anticipated, with tax receipts exceeding expectations. In addition,
federal relief programs, both directly to municipal issuers and indirectly to businesses and consumers,
have kept state and local budgets relatively healthy. </p><p style="font-family:Serif; font-size:9.5pt;
font-style:normal; font-weight:normal; text-align:justify;">Municipal issuers should also benefit from
a federal infrastructure spending package.  The passage of a federal bill will help upgrade aging infrastructure
and benefit state and local economies with job creation and economic activity. </p><p style="font-family:Serif;
font-size:9.5pt; font-style:normal; font-weight:normal; text-align:justify;">Demand for municipal bonds
is likely to remain strong, given the likelihood of higher corporate and personal income tax rates. We
also anticipate that supply of tax-exempt municipals will remain manageable since much issuance is occurring
in the taxable market.   </p><p style="font-family:Serif; font-size:9.5pt; font-style:normal; font-weight:normal;
text-align:justify;">The possibility of inflation remains a risk, but we anticipate that long-term interest
rates will rise only gradually. We expect to keep the fund&#8217;s duration relatively long to provide investors
</p><p style="font-family:Arial; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:center;"><font
style="font-family:Arial; font-weight:bold;">3</font></p>

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<p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;"><font
style="font-family:Arial; font-size:10.0pt; font-weight:normal;">DISCUSSION OF FUND PERFORMANCE</font><font
style="font-family:Serif; font-style:normal; font-size:10.0pt; font-weight:normal;"> </font>(Unaudited)<font
style="font-family:Arial; font-style:italic; font-weight:normal;"> (continued)</font></p><p style="font-family:Serif;
font-size:9.5pt; font-style:normal; font-weight:normal; text-align:justify;">incremental yield and we
anticipate that longer-term municipal bonds will continue to benefit from strong demand relative to comparable
Treasuries. We also anticipate opportunities in lower-quality investment grade bonds as well as in high
yield municipal bonds as credit fundamentals will benefit from continued economic growth. </p><p style="font-family:Serif;
font-size:9.5pt; font-style:normal; font-weight:normal; text-align:justify;">April 15, 2021</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>1</sup></font><font style="word-spacing:6.4pt;">&nbsp;</font>Total
return includes reinvestment of dividends and any capital gains paid, based upon net asset value per
share or market price per share, as applicable. Past performance is no guarantee of future results. Market
price per share, net asset value per share and investment return fluctuate. Income may be subject to
state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for
certain investors. Capital gains, if any, are fully taxable. Return figure provided reflects the absorption
of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement in effect until
November 30, 2021, at which time it may be extended, modified or terminated. Had these expenses not been
absorbed, the fund&#8217;s return would have been lower.</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>2</sup></font><font style="word-spacing:6.4pt;">&nbsp;</font>Distribution
rate per share is based upon dividends per share paid from net investment income during the period, divided
by the market price per share at the end of the period, adjusted for any capital gain distributions.</p><p
style="font-family:Serif; font-size:8.0pt; font-style:italic; font-weight:normal; text-align:left;">Bonds
are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees. Generally,
all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases
can cause price declines. High yield bonds are subject to increased credit risk and are considered speculative
in terms of the issuer&#8217;s perceived ability to continue making interest payments on a timely basis and
to repay principal upon maturity. The use of leverage may magnify the fund&#8217;s gains or losses. For derivatives
with a leveraging component, adverse changes in the value or level of the underlying asset can result
in a loss that is much greater than the original investment in the derivative.</p><p style="font-family:Serif;
font-size:8.0pt; font-style:italic; font-weight:normal; text-align:left;">Recent market risks include
pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility
in global markets and will likely affect certain countries, companies, industries and market sectors
more dramatically than others. To the extent the fund may overweight its investments in certain countries,
companies, industries or market sectors, such positions will increase the fund's exposure to risk of
loss from adverse developments affecting those countries, companies, industries or sectors.</p><p style="font-family:Arial;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:center;">4</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</p><p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal;
text-align:left;">March 31, 2021 (Unaudited)</p><p style="font-family:Serif; font-size:1.0pt; font-style:normal;
font-weight:normal; text-align:left;"><a name="2"></a></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 - .3%
</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 - .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;">Arizona
Industrial Development Authority, Revenue Bonds, Ser. 2019-2<br>(cost $1,874,705)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right;">3.63</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;">5/20/2033</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;">1,708,019</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><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;">1,935,587</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
- 150.5%</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 - 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;">Alabama 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;">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;">6,212,864</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, Refunding, 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;">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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">2,541,451</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;">8,542,210</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 Alabama
at Birmingham, 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;">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;">10/1/2036</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;">2,339,086</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;">19,635,611</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 - 8.0% </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;">Arizona Industrial Development Authority, Revenue Bonds (Academics
of Math &amp; Science 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;">7/1/2054</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right;">1,275,000</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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">1,429,197</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;">Arizona Industrial Development Authority, Revenue Bonds (Cadence
Campus 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;">4.00</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;">7/15/2030</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;">625,000</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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">676,527</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;">Arizona Industrial Development Authority, Revenue Bonds (Cadence
Campus 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;">4.00</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;">7/15/2040</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;">925,000</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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">968,994</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;">Arizona Industrial Development Authority, Revenue Bonds (Legacy
Cares 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;">7.75</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;">7/1/2050</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;">5,770,000</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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">6,265,925</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;">Arizona Industrial Development Authority, Revenue Bonds (Phoenix
Children's Hospital 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;">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;">2/1/2050</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;">1,500,000</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;">1,709,444</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;">Arizona Industrial Development
Authority, Revenue Bonds, Refunding (Basis Schools 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;">7/1/2047</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;">1,035,000</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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">1,154,430</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;">Arizona Industrial Development Authority, Revenue Bonds, Refunding
(Basis Schools 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;">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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">422,933</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial; font-size:8.0pt;
font-style:normal; font-weight:normal; text-align:center;"><font style="font-family:Arial; font-weight:bold;">5</font></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></p>


<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 - 150.5%<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
- 8.0% (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;">Glendale
Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services 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;">11/15/2054</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">1,148,991</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;">La Paz County Industrial
Development Authority, Revenue Bonds (Harmony Public Schools) 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;">2/15/2036</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;">2,480,000</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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">2,790,599</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 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;">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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">3,513,405</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)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">2,176,272</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;">Salt Verde Financial Corp., 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;">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;">1,000,000</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;">1,389,683</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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">3,026,647</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, 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;">17.21</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">4,030,000</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,d</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">5,525,380</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 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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">2,588,836</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 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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">2,162,155</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 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;">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>b</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">6,100,556</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;">43,049,974</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
- 6.0% </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;">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;">1,105,918</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)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">1,175,420</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:center;">6</p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></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 - 150.5%<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
- 6.0% (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;">Jefferson
Union High School District, COP (Teacher &amp; Staff Housing Project) (Insured; Build America Mutual)</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">8/1/2055</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">1,116,750</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;">2,074,674</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, 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;">1,061,341</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 &amp; Power, Revenue Bonds, Refunding)
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;">15.44</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right;">8/19/2021</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;">5,000,000</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,d</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">5,265,441</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-XM0434), (The
Regents of the University of California, Revenue Bonds, Refunding) 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;">17.78</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">10,000,000</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,d</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">10,911,376</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 2020-XF2876), (San
Francisco California City &amp; County Airport Commission, Revenue Bonds, Refunding, Ser. E) 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;">17.37</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right;">5/1/2050</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;">7,780,000</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,d</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">9,290,985</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;">32,001,905</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
- 7.4% </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;">Colorado
Health Facilities Authority, Revenue Bonds, Refunding (Covenant Living Communities &amp; Services 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;">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;">12/1/2050</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;">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;">4,965,363</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;">Denver City &amp; County,
Revenue Bonds, Refunding (United Airlines 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;">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;">1,064,447</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;">4,560,000</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;">4,767,461</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;">Hess Ranch Metropolitan
District No. 6, GO, 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;">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;">12/1/2049</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;">2,000,000</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;">2,164,363</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;">Regional Transportation
District, Revenue Bonds, Refunding (Denver Transit Partners) 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;">4.00</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;">7/15/2035</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;">1,250,000</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;">1,478,733</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:center;"><font style="font-family:Arial; font-weight:bold;">7</font></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></p>


<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 - 150.5%<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;">Colorado
- 7.4% (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;">Tender
Option Bond Trust Receipts (Series 2016-XM0385), (Board of Governors of the Colorado State University,
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;">15.41</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;">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;">7,500,000</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,d</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">7,821,195</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, 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;">17.73</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">9,752,907</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,d</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">10,768,987</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;">Tender Option Bond Trust Receipts (Series 2020-XM0829), (Colorado
Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group, Ser. A1))
Recourse, 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;">16.81</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right;">8/1/2044</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;">4,440,000</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,d</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">5,871,782</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;">Vauxmont Metropolitan District, GO, 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;">3.25</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;">12/15/2050</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;">800,000</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;">846,291</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;">39,748,622</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 - 1.8% </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;">Connecticut, Special Tax 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;">5/1/2040</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;">1,000,000</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;">1,256,331</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 Health &amp; Educational Facilities Authority, Revenue
Bonds, Refunding (Trinity Health 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;">2,967,196</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. 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;">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;">1,185,000</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;">1,283,939</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, Tax Allocation 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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">3,998,517</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;">9,505,983</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;">District
of Columbia - 4.4% </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;">Metropolitan
Washington Airports Authority, Revenue Bonds, Refunding (Dulles Metrorail &amp; Capital Improvement 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;">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;">1,201,441</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;">Metropolitan Washington
Airports Authority, 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;">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;">10/1/2049</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;">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;">1,122,112</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:center;">8</p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></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 - 150.5%<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 - 4.4% (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;">Tender
Option Bond Trust Receipts (Series 2016-XM0437), (District of Columbia, 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;">17.74</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;">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;">19,992,830</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,d</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">21,456,857</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;">23,780,410</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
- 7.5% </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;">Alachua
County Health Facilities Authority, Revenue Bonds (Shands Teaching Hospital &amp; Clinics 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;">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;">12/1/2049</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;">1,625,000</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;">1,827,926</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;">Atlantic Beach, 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;">11/15/2053</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;">3,000,000</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;">3,329,426</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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">4,519,759</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;">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;">10/1/2044</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;">2,000,000</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;">2,261,262</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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">1,325,585</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;">Palm Beach County Health Facilities Authority, Revenue Bonds
(ACTS Retirement-Life Communities 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;">11/15/2045</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;">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;">3,258,992</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;">Palm Beach County Health Facilities Authority, Revenue Bonds
(ACTS Retirement-Life Communities Obligated Group) 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;">11/15/2042</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;">735,000</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;">876,513</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;">Palm Beach County Health Facilities Authority, Revenue Bonds
(Lifespace Communities Obligated Group) 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;">5/15/2053</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;">2,600,000</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;">2,802,098</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;">Pinellas County Industrial Development Authority, Revenue Bonds
(Foundation for Global Understanding)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#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;">7/1/2029</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; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right;">1,139,121</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;">Seminole County Industrial
Development Authority, Revenue Bonds, Refunding (Legacy Pointe at UCF 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;">5.75</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;">11/15/2054</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">2,459,627</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;">Tender Option Bond Trust Receipts (Series 2019-XF0813), (Fort
Myers Florida Utility, Revenue Bonds) Non-recourse, 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;">12.11</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right;">10/1/2049</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;">3,435,000</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,d</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">3,908,694</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:center;"><font style="font-family:Arial; font-weight:bold;">9</font></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></p>


<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 - 150.5%<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;">Florida
- 7.5% (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;">Tender
Option Bond Trust Receipts (Series 2019-XM0782), (Palm Beach County Florida Health Facilities Authority,
Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group)) Recourse, 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;">13.84</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;">8/15/2049</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;">5,535,000</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,d</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">6,275,888</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 2020-XF2877), (Greater
Orlando Aviation Authority, Revenue Bonds, Ser. A) Recourse, 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;">13.76</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right;">10/1/2049</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;">4,685,000</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,d</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">5,244,301</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 No. 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;">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;">979,999</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;">40,209,191</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 - 5.1% </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 Water &amp; Wastewater, 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;">1,460,000</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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">1,598,369</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 &amp; Universities Authority, Revenue Bonds, Refunding (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;">17.74</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;">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;">10,000,000</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,d</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">11,021,243</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 2019-XF2847), (Municipal
Electric Authority of Georgia, Revenue Bonds (Plant Vogtle Unis 3&amp;4 Project, Ser. A)) 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;">17.60</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right;">1/1/2056</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;">3,600,000</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,c,d</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">4,238,432</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 2020-XM0825), (Brookhaven
Development Authority, Revenue Bonds (Children's Healthcare of Atlanta, Ser. A)) Recourse, 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;">15.28</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right;">7/1/2044</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;">6,340,000</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,d</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">7,862,759</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 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;">2,664,690</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;">27,385,493</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 - .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;">Hawaii Department of Budget &amp; Finance, Revenue Bonds, Refunding
(Hawaiian Electric Co.)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#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;">1,648,362</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:center;">10</p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></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 - 150.5%<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;">Hawaii
- .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;">Honolulu
City &amp; County, 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;">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;">7/1/2044</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;">1,500,000</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;">1,752,077</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;">3,400,439</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 - .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;">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;">5,022,697</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
- 14.9% </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;">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;">1,665,785</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;">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;">2,315,852</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;">2,327,158</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 II, 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;">3,611,345</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 II, 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;">1/1/2044</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;">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;">4,652,086</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 II, 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;">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;">1,196,803</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;">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;">4,235,652</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 Transit Authority,
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;">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;">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;">1,219,913</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;">1,100,000</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;">1,325,159</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;">4,509,214</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;">1,120,000</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;">1,308,665</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. 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;">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;">2,825,000</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;">3,334,937</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 Finance Authority,
Revenue Bonds, Refunding (Lutheran Life Communities 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;">11/1/2040</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;">1,750,000</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:normal; text-align:right;">1,941,148</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 Toll Highway 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;">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;">1/1/2044</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;">1,500,000</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;">1,709,494</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)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">6/15/2057</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;">2,339,971</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 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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">1,602,424</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)</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">12/15/2054</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right;">21,800,000</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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">6,691,416</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:center;"><font style="font-family:Arial; font-weight:bold;">11</font></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></p>


<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 - 150.5%<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
- 14.9% (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;">Metropolitan
Pier &amp; Exposition Authority, Revenue Bonds, Refunding (McCormick Place 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;">1,706,300</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;">Metropolitan Pier &amp;
Exposition Authority, Revenue Bonds, Refunding (McCormick Place 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;">3,131,445</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;">4,050,000</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>f</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">4,087,151</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;">Sales Tax Securitization Corp., 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;">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;">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;">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;">2,281,795</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) 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;">15.26</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">7,500,000</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,d</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">7,733,238</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, Refunding (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;">15.41</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;">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;">12,000,000</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,d</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">14,071,238</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 (Auxiliary Facilities System)
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;">1,114,680</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;">80,112,869</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 - 1.8% </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;">Indiana Finance Authority, Revenue Bonds (Green Bond) (RES Polyflow
Indiana)</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#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;">3/1/2039</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;">6,175,000</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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">5,759,870</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 (Ohio Valley Electric
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;">1,630,883</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 (Ohio Valley Electric 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;">3.00</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;">11/1/2030</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;">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;">1,038,472</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;">1,208,568</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;">9,637,793</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;">Iowa - 1.5% </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;">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;">8,082,083</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:center;">12</p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></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 - 150.5%<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;">Kansas
- .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;">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;">992,220</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;">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;">950,000</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;">954,341</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;">1,946,561</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 - .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;">Kentucky Public Energy Authority, Revenue Bonds, 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;">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;">2,816,607</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
- 3.2% </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 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;">3,419,177</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;">Louisiana Public Facilities
Authority, Revenue Bonds, Refunding (Tulane 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;">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;">4/1/2050</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;">1,126,214</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, Revenue Bonds (Franciscan Missionaries of Our Lady Health System Project))
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;">17.30</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;">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;">10,755,000</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,d</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">12,490,379</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;">17,035,770</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
- .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;">Maine
Health &amp; Higher Educational Facilities Authority, Revenue Bonds (Maine General Medical Center 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;">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;">7/1/2021</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;">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>f</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">1,526,466</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 - 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;">Maryland Economic Development
Corp., Tax Allocation Bonds (Port Covington 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;">4.00</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;">9/1/2050</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;">1,080,549</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;">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;">3,810,349</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;">Maryland Health &amp; Higher Educational Facilities Authority,
Revenue Bonds, Refunding (Stevenson 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;">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;">6/1/2051</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;">1,000,000</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;">1,103,472</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:center;"><font style="font-family:Arial; font-weight:bold;">13</font></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></p>


<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 - 150.5%<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;">Maryland
- 3.0% (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-XM0391), (Mayor &amp; City Council of Baltimore, Revenue Bonds,
Refunding (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;">15.38</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;">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;">9,000,000</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,d</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">10,136,935</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;">16,131,305</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;">Massachusetts
- 7.4% </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;">Lowell
Collegiate Charter School, 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;">6/15/2049</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;">1,750,000</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:normal; text-align:right;">1,895,212</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
(NewBridge Charles 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;">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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">1,092,016</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;">1,641,982</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, GO) 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;">15.41</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;">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;">8,600,000</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,c,d</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">8,600,000</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-XM0389), (Massachusetts
School Building Authority, 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;">15.41</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;">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;">10,000,000</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,d</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">10,986,386</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)) 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;">15.67</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;">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;">12,750,000</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,d</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">15,713,889</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;">39,929,485</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;">Michigan
- 6.1% </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,
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;">4/1/2050</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;">2,305,000</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;">2,757,841</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;">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;">7/1/2021</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;">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>f</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">1,517,623</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;">3,583,280</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 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;">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;">5,942,980</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:center;">14</p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></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 - 150.5%<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
- 6.1% (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 (Great Lakes Water Authority) (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;">2,279,276</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;">2,266,167</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, Ser. A2</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">6/1/2040</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;">4,435,000</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;">5,606,759</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, 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;">2,341,131</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 2019-XF2837), (Michigan State Finance Authority, Revenue Bonds (Henry Ford Health System))
Recourse, 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;">13.67</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;">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;">5,840,000</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,d</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">6,548,260</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;">32,843,317</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
- .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;">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:bold; text-align:right;">3,509,438</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
- 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;">Mississippi
Development Bank, Revenue Bonds, Refunding (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;">5,592,424</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
- 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;">Kansas
City Industrial Development 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;">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;">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;">1,193,570</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, 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;">5.13</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;">9/1/2049</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;">2,975,000</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;">3,291,312</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, 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;">5.13</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;">9/1/2048</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;">2,025,000</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;">2,241,193</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 Land Clearance for Redevelopment 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;">5.13</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;">4,760,000</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;">5,333,933</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:center;"><font style="font-family:Arial;
font-weight:bold;">15</font></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></p>


<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 - 150.5%<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
- 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;">The
Missouri Health &amp; Educational Facilities Authority, Revenue Bonds (Mercy Health)</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">6/1/2050</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;">2,000,000</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;">2,263,272</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 St. Louis Missouri 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;">3,538,116</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;">17,861,396</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;">Multi-State
- .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;">Federal
Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. M048</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">1/15/2036</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;">2,385,000</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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">2,610,709</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 - .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;">Clark County School
District, GO (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;">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;">6/15/2036</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;">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;">1,771,494</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;">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:normal; text-align:right;">2,993,880</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;">4,765,374</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 Hampshire - .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 Hampshire Business Finance Authority, Revenue Bonds, Refunding
(Green Bond) 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;">3.75</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;">7/2/2040</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;">1,000,000</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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">1,034,046</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 - 4.8% </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;">New Jersey, 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;">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;">6/1/2031</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;">1,000,000</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;">1,222,661</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;">4,676,830</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;">1,722,163</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;">2,105,357</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;">2,420,461</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;">1,719,389</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 Turnpike 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;">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;">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;">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;">3,454,939</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:center;">16</p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></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 - 150.5%<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
Jersey - 4.8% (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 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;">18.23</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">3,250,000</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,d</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">3,692,986</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;">Tobacco Settlement Financing Corp., 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;">5.25</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;">6/1/2046</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;">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:normal; text-align:right;">896,824</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;">Tobacco Settlement Financing
Corp., 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;">6/1/2046</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;">3,410,000</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;">3,964,315</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;">25,875,925</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 - 7.7% </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;">Monroe County Industrial Development Corp., Revenue Bonds, Refunding
(University of Rochester 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;">4.00</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;">7/1/2050</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;">1,500,000</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;">1,714,979</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, GO, Ser. D1</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">3/1/2050</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;">2,750,000</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:normal; text-align:right;">3,101,486</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 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;">4,503,585</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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">3,009,825</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
(Class 1-3 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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">7,646,082</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 State Dormitory Authority, Revenue Bonds, Refunding
(Montefiore 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;">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;">9/1/2045</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; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right;">1,123,168</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;">5.25</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;">1/1/2050</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;">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;">3,944,755</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 (JFK International Air Terminal) 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;">4.00</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;">12/1/2039</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;">1,475,000</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;">1,662,906</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 (Covanta
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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">2,091,527</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, Refunding,
Ser. 223rd</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#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;">7/15/2046</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;">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;">3,409,695</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:center;"><font style="font-family:Arial;
font-weight:bold;">17</font></p>

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<p style="page-break-before:always;"></p>


<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 - 150.5%<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 - 7.7% (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 2020-XM0826), (Metropolitan Transportation Authority, Revenue Bonds,
Refunding (Green Bond) (Insured; Assured Guaranty Municipal Corp., Ser. C)) Non-recourse, 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;">11.90</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;">11/15/2046</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;">7,045,000</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,d</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">7,915,717</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;">6/1/2045</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;">1,165,000</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;">1,270,382</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;">41,394,107</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 - 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;">North
Carolina Medical Care Commission, Revenue Bonds, Refunding (Pennybyrn at Maryfield 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;">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;">1,061,545</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 2019-XF0792), (North Carolina Medical Care Commission, Revenue Bonds, Ser. A) Non-recourse,
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;">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;">11/1/2049</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;">10,000,000</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,d</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">11,434,359</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;">12,495,904</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
- 10.1% </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, Refunding, Ser. A2</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">6/1/2048</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;">1,250,000</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;">1,394,968</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;">Buckeye Tobacco Settlement Financing Authority, Revenue Bonds,
Refunding, Ser. B2</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#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;">6/1/2055</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right;">14,250,000</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;">16,066,155</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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">3,242,772</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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">3,439,100</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;">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;">2/15/2052</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;">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;">2,277,061</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;">Franklin County Convention
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;">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;">12/1/2044</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;">1,250,000</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;">1,444,103</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;">4,734,482</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:center;">18</p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></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 - 150.5%<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;">Ohio
- 10.1% (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;">Ohio
Air Quality Development Authority, Revenue Bonds (Pratt Paper OH 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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">2,502,181</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, Revenue Bonds, Refunding (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;">15.41</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;">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;">17,000,000</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,d</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">18,858,192</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;">53,959,014</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;">1,795,416</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;">Oregon - .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;">Clackmas 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;">11/15/2047</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;">1,500,000</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;">1,632,644</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 - 3.8% </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;">Allentown 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;">1,884,901</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;">1,268,443</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;">4,144,096</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, Refunding,
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;">1,518,669</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 Turnpike
Commission, 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;">4.00</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;">12/1/2050</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;">1,500,000</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;">1,718,849</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 Water &amp;
Wastewater, 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;">10/1/2033</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;">1,250,000</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;">1,648,016</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 Water &amp;
Wastewater, 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;">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;">1,500,000</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;">1,902,993</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, 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;">15.73</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">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,d</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">3,017,499</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial; font-size:8.0pt;
font-style:normal; font-weight:normal; text-align:center;"><font style="font-family:Arial; font-weight:bold;">19</font></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></p>


<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 - 150.5%<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;">Pennsylvania
- 3.8% (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;">The
Philadelphia School District, GO (Insured; State Aid Withholding) 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;">4.00</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;">9/1/2036</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;">2,740,000</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;">3,136,904</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;">20,240,370</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;">Rhode
Island - 1.6% </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;">Providence
Public Building Authority, Revenue Bonds (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;">9/15/2038</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;">7,035,000</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;">8,512,245</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 - 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;">South
Carolina Jobs-Economic Development Authority, Revenue Bonds (Bishop Gadsden Episcopal Retirement Community
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;">4/1/2054</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">1,101,130</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-XM0384), (South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee
Cooper)) 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;">11.80</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;">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;">15,000,000</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,d</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">16,617,158</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;">17,718,288</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
- 1.0% </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;">Tender
Option Bond Trust Receipts (Series 2016-XM0388), (Metropolitan Government of Nashville &amp; Davidson
County, Revenue Bonds, Refunding) 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;">15.14</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">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,d</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">5,475,597</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 - 10.3% </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;">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;">2,947,384</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;">1,689,377</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 (Uplift
Education) 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;">2,599,508</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;">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;">5,116,523</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. 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;">6,906,557</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;">Grand Parkway Transportation
Corp., 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;">10/1/2049</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;">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;">1,153,897</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;">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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">1,760,889</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:center;">20</p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></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 - 150.5%<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
- 10.3% (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;">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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">1,594,334</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;">Tarrant County Cultural Education Facilities Finance Corp., Revenue
Bonds, Refunding (MRC Stevenson Oaks 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;">6.75</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;">11/15/2051</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;">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;">1,108,267</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, 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;">15.41</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;">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;">16,750,000</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,d</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">18,153,229</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;">1,454,431</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 (Segment 3C 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;">6/30/2058</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;">8,930,000</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;">10,673,648</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;">55,158,044</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 - 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;">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;">1,022,181</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, 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;">3,619,269</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, 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;">8.00</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;">8,010,000</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>g</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">6,307,875</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;">10,949,325</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
- .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;">Utah
Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) 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;">4/15/2049</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;">1,190,000</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;">1,397,165</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;">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;">10/15/2037</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;">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:normal; text-align:right;">2,764,205</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;">4,161,370</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 - 3.2% </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;">Chesterfield County Economic Development Authority, Revenue Bonds,
Refunding (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;">2,117,817</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)
Non-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;">17.42</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">7,500,000</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,d</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">9,235,823</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:center;"><font style="font-family:Arial; font-weight:bold;">21</font></p>

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<p style="page-break-before:always;"></p>


<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 - 150.5%<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
- 3.2% (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;">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;">3,380,000</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;">3,913,625</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;">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;">12/31/2052</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;">1,620,000</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;">1,880,872</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;">17,148,137</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 - 5.7% </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;">King County School District No. 210, 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;">2,324,887</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 of Seattle, 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;">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;">5,269,313</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)
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;">8.98</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">17,000,000</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,d</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">19,634,600</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;">Washington Housing Finance Commission, Revenue Bonds, Refunding
(Presbyterian Retirement Communities Northwest 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;">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;">3,200,000</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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">3,407,758</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;">30,636,558</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
- 2.2% </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;">Public
Finance Authority, Revenue Bonds (ACTS Retirement-Life Communities 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;">11/15/2041</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; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:7.5pt; font-style:normal; font-weight:normal; text-align:right;">1,195,965</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;">Public Finance Authority,
Revenue Bonds (Appalachian State University Project) (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;">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;">7/1/2059</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:7.5pt; font-style:normal;
font-weight:normal; text-align:right;">2,050,000</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;">2,236,916</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;">Public Finance Authority,
Revenue Bonds (Roseman University of Health 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;">4/1/2040</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;">1,175,000</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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">1,359,952</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;">Public Finance Authority, Revenue Bonds (Southminster 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;">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 style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">2,147,991</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;">Public Finance Authority, Revenue Bonds, Refunding (Blue Ridge
Healthcare 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;">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;">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;">1,835,000</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;">2,070,376</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;">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
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></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;">797,634</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr></table><p style="font-family:Arial; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:center;">22</p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></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 - 150.5%<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
- 2.2% (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;">Wisconsin
Health &amp; Educational Facilities Authority, Revenue Bonds, Refunding (St. Camillus Health System 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;">11/1/2054</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#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;">2,077,618</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;">11,886,452</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 $740,569,683)</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;">808,215,364</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 $742,444,388)</p></td><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;">150.8%</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;">810,150,951</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;">Liabilities, Less Cash
and Receivables</p></td><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;">(36.1%)</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;">(194,167,096)</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;">(14.7%)</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;">537,083,855</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table><p style="margin-top: 0pt; font: normal italic 8pt Serif; margin-left: 10.8pt; text-align: left; text-indent: -10.8pt; margin-bottom: 0pt"><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="margin-top: 0pt; font: normal italic 8pt Serif; margin-left: 10.8pt; text-align: left; text-indent: -10.8pt; margin-bottom: 0pt"><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 March 31, 2021, these securities were valued at $392,391,446
or 73.06% of net assets.</p><p style="margin-top: 0pt; font: normal italic 8pt Serif; margin-left: 10.8pt; text-align: left; text-indent: -10.8pt; margin-bottom: 0pt"><font style="font-family:Serif; font-style:italic;
font-weight:normal;"><sup>c</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><p style="margin-top: 0pt; font: normal italic 8pt Serif; margin-left: 10.8pt; text-align: left; text-indent: -10.8pt; margin-bottom: 0pt"><font
style="font-family:Serif; font-style:italic; font-weight:normal;"><sup>d</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="margin-top: 0pt; font: normal italic 8pt Serif; margin-left: 10.8pt; text-align: left; text-indent: -10.8pt; margin-bottom: 0pt"><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="margin-top: 0pt; font: normal italic 8pt Serif; margin-left: 10.8pt; text-align: left; text-indent: -10.8pt; margin-bottom: 0pt"><font
style="font-family:Serif; font-style:italic; font-weight:normal;"><sup>f</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="margin-top: 0pt; font: normal italic 8pt Serif; margin-left: 10.8pt; text-align: left; text-indent: -10.8pt; margin-bottom: 0pt"><font style="font-family:Serif; font-style:italic; font-weight:normal;"><sup>g</sup></font><font
style="word-spacing:6.4pt;">&nbsp;</font>Non-income producing&#8212;security in default.</p><p style="font-family:Arial;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:center;"><font style="font-family:Arial;
font-weight:bold;">23</font></p>

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<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:75%">&nbsp;</td><td style="width:25%">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9;
border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid; border-top:1.5pt; border-top-color:#000000;
border-top-style:solid; 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;">Portfolio
Summary (Unaudited) <font style="color:#141414; font-family:Cambria; font-weight:normal;"><sup>&#8224;</sup></font></p></td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
border-top:1.5pt; border-top-color:#000000; border-top-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;">Value
(%)</p></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; text-align:left;">General</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">25.2</p></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; text-align:left;">Education</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">23.4</p></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; text-align:left;">Medical</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">18.7</p></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; text-align:left;">Transportation</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">14.1</p></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; text-align:left;">Water</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">12.4</p></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; text-align:left;">Nursing
Homes</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">10.3</p></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; text-align:left;">General Obligation</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">10.3</p></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; text-align:left;">Development</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">8.7</p></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; text-align:left;">Tobacco
Settlement</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">5.4</p></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; text-align:left;">Utilities</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">5.4</p></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; text-align:left;">Airport</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">4.7</p></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; text-align:left;">Power</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">4.4</p></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; text-align:left;">School District</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">4.1</p></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; text-align:left;">Prerefunded</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.3</p></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; text-align:left;">Single Family Housing</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.0</p></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; text-align:left;">Multifamily Housing</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">.8</p></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; text-align:left;">Housing</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.4</p></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; text-align:left;">Special Tax</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.2</p></td></tr><tr><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;">150.8</p></td></tr></table><p style="margin-top: 0pt; font: normal italic 8pt Serif; margin-left: 10.8pt; text-align: left; text-indent: -10.8pt; margin-bottom: 0pt"><font
style="font-family:Serif; 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>Based
on net assets.</p><p style="margin-top: 0pt; font: normal italic 8pt Serif; margin-left: 10.8pt; text-align: left; text-indent: -10.8pt">See notes to financial statements.</p><p
style="font-family:Arial; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:center;">24</p>

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<table cellpadding="2" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt;"><td
style="width:13.75%">&nbsp;</td><td style="width:33.75%">&nbsp;</td><td style="width:13.75%">&nbsp;</td><td
style="width:38.75%">&nbsp;</td></tr><tr><td colspan="4" style="background-color:#d9d9d9; border-top:1.5pt;
border-top-color:#000000; border-top-style:solid;  font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:top;"><p style="font-family:Arial; font-size:10.0pt;
font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Arial; font-weight:bold;">Summary
of Abbreviations </font>(Unaudited)</p></td></tr><tr><td colspan="4" style="background-color:#d9d9d9;
 font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:top;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">ABAG</p></td><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Association
of Bay Area Governments</p></td><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">AGC</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">ACE Guaranty Corporation</p></td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">AGIC</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Asset Guaranty Insurance Company</p></td><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">AMBAC</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">American Municipal Bond Assurance Corporation</p></td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">BAN</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Bond Anticipation Notes</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">CIFG</p></td><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">CDC
Ixis Financial Guaranty</p></td></tr><tr><td style="background-color:#d9d9d9; vertical-align:top;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">COP</p></td><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Certificate
of Participation</p></td><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">CP</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Commercial Paper</p></td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">DRIVERS</p></td><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Derivative
Inverse Tax-Exempt Receipts</p></td><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">FGIC</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Financial Guaranty Insurance Company</p></td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">FHA</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="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 Housing Administration</p></td><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">FHLB</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="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 Bank</p></td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">FHLMC</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="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 Corporation</p></td><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">FNMA</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="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 National Mortgage Association</p></td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">GAN</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Grant Anticipation Notes</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">GIC</p></td><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Guaranteed
Investment Contract</p></td></tr><tr><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">GNMA</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Government National Mortgage Association</p></td><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">GO</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">General Obligation</p></td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">IDC</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Industrial Development Corporation</p></td><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">LIBOR</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">London Interbank Offered Rate</p></td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">LOC</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Letter of Credit</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">LR</p></td><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Lease
Revenue</p></td></tr><tr><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">NAN</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Note Anticipation Notes</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">MFHR</p></td><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Multi-Family
Housing Revenue</p></td></tr><tr><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">MFMR</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Multi-Family Mortgage Revenue</p></td><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">MUNIPSA</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Securities Industry and Financial Markets
Association Municipal Swap Index Yield</p></td></tr><tr><td style="background-color:#d9d9d9; vertical-align:top;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">OBFR</p></td><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Overnight
Bank Funding Rate</p></td><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">PILOT</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Payment in Lieu of Taxes</p></td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">PRIME</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Prime Lending Rate</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">PUTTERS</p></td><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Puttable
Tax-Exempt Receipts</p></td></tr><tr><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">RAC</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Revenue Anticipation Certificates</p></td><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">RAN</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Revenue Anticipation Notes</p></td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">RIB</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Residual Interest Bonds</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">SFHR</p></td><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Single
Family Housing Revenue</p></td></tr><tr><td style="background-color:#d9d9d9; vertical-align:top;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">SFMR</p></td><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Single
Family Mortgage Revenue</p></td><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">SOFR</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Secured Overnight Financing Rate</p></td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">TAN</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Tax Anticipation Notes</p></td><td style="background-color:#d9d9d9;
vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">TRAN</p></td><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Tax
and Revenue Anticipation Notes</p></td></tr><tr><td style="background-color:#d9d9d9; vertical-align:top;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">U.S.
T-Bill</p></td><td style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">U.S.
Treasury Bill Money Market Yield</p></td><td style="background-color:#d9d9d9; vertical-align:top;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">XLCA</p></td><td
style="background-color:#d9d9d9; vertical-align:top;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">XL
Capital Assurance</p></td></tr><tr><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:top">&nbsp;</td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:top">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:top">&nbsp;</td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:top">&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;">See notes to financial statements.</p><p style="font-family:Arial;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:center;"><font style="font-family:Arial;
font-weight:bold;">25</font></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></p>


<p style="font-family:Arial; font-size:11.5pt; font-style:normal; font-weight:normal; text-align:left;">STATEMENT
OF ASSETS AND LIABILITIES</p><p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal;
text-align:left;">March 31, 2021 (Unaudited)</p><p style="font-family:Arial; font-size:9.0pt; font-style:normal;
font-weight:normal; text-align:left;"><a name="3"></a><font style="font-family:Arial; font-weight:normal;">
</font></p><table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt;"><td
style="width:56.59%">&nbsp;</td><td style="width:1.8%">&nbsp;</td><td style="width:1.14%">&nbsp;</td><td
style="width:20.58%">&nbsp;</td><td style="width:1.47%">&nbsp;</td><td style="width:17.09%">&nbsp;</td><td
style="width:1.33%">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000;
border-top-style:solid; vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:center;">&#160;</p></td><td style="background-color:#d9d9d9; border-top:1.5pt;
border-top-color:#000000; border-top-style:solid; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:center;">&#160;</p></td><td style="background-color:#d9d9d9;
border-top:1.5pt; border-top-color:#000000; border-top-style:solid; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:center;">&#160;</p></td><td style="background-color:#d9d9d9;
border-top:1.5pt; border-top-color:#000000; border-top-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;">&#160;</p></td><td
style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-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;">&#160;</p></td><td style="background-color:#d9d9d9; border-top:1.5pt;
border-top-color:#000000; border-top-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;">&#160;</p></td><td style="background-color:#d9d9d9;
border-top:1.5pt; border-top-color:#000000; border-top-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;">&#160;</p></td></tr><tr><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:center;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000;
border-bottom-style:solid; vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:center;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:center;">&#160;</p></td><td style="background-color:#d9d9d9;
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;">Cost</p></td><td
style="background-color:#d9d9d9; 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;">&#160;</p></td><td style="background-color:#d9d9d9; 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;">Value</p></td><td
style="background-color:#d9d9d9; 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;">&#160;</p></td></tr><tr><td colspan="3" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">Assets ($): </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;">&#160;</p></td></tr><tr><td colspan="3"
style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Investments in securities&#8212;See
Statement of Investments</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> 742,444,388
</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;"> 810,150,951 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Cash</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
807,748 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest receivable</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;"> 10,494,946 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Prepaid expenses</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;"> 83,870 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td></tr><tr><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; 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;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;"> 821,537,515
</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:right;">&#160;</p></td></tr><tr><td colspan="3" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">Liabilities ($):</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Due to BNY Mellon Investment
Adviser, Inc. and affiliates&#8212;Note 2(b)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> 342,058 </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td></tr><tr><td colspan="4" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">Payable for floating rate notes issued&#8212;Note 3</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
204,555,737 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest and expense payable
related to <br>     floating rate notes issued&#8212;Note 3</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
441,398 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Commissions payable&#8212;Note
1</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;"> 53,838 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Dividends payable to Preferred
Shareholders</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> 707 </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Other
accrued expenses</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> 159,922 </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td></tr><tr><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; 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;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:right;"> 205,553,660 </p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">Auction Preferred Stock, Series M,T,W,Th and F, par value $.001 per share (3,156 shares
issued and outstanding at $25,000 per share liquidation value)&#8212;Note 1</p></td><td style="background-color:#d9d9d9;
border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:right;"> 78,900,000 </p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">Net Assets Applicable to Common Shareholders ($)</p></td><td style="background-color:#d9d9d9;
border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;"> 537,083,855
</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:right;">&#160;</p></td></tr><tr><td colspan="3" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">Composition of Net Assets ($):</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:normal; text-align:left;">Common Stock, par value, $.001 per share <br>
     (62,209,762 shares issued and outstanding)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> 62,210 </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Paid-in
capital </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> 492,276,186 </p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">Total distributable earnings (loss)</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
44,745,459 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Net Assets Applicable to Common
Shareholders ($)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:right;"> 537,083,855 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;">&#160;</p></td></tr></table><table
cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt;"><td style="width:75.02%">&nbsp;</td><td
style="width:3.04%">&nbsp;</td><td style="width:1.73%">&nbsp;</td><td style="width:18.56%">&nbsp;</td><td
style="width:1.65%">&nbsp;</td></tr><tr><td colspan="2" style="background-color:#d9d9d9; border-top:1.0pt;
border-top-color:#F2F2F2; border-top-style:solid;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Shares Outstanding</p></td><td
style="background-color:#d9d9d9; border-top:1.0pt; border-top-color:#F2F2F2; border-top-style:solid;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">&#160;</p></td><td colspan="2" style="background-color:#d9d9d9; border-top:1.0pt;
border-top-color:#F2F2F2; border-top-style:solid;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td colspan="3"
style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">(500 million shares authorized)</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> 62,209,762 </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td></tr><tr><td colspan="2" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">Net Asset Value Per Share of Common Stock ($)</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;">8.63</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
style="vertical-align:top;"><p style="color:#000000; font-family:Serif; font-size:8.0pt; font-style:italic;
font-weight:normal; text-align:left;">See notes to financial statements.</p></td><td style="vertical-align:top;"><p
style="color:#000000; font-family:Serif; font-size:8.0pt; font-style:italic; font-weight:normal; text-align:left;"><font
style="color:#000000; font-family:Serif; font-style:italic; font-weight:normal;"><sup>&#160;</sup></font></p></td><td
style="vertical-align:top;"><p style="color:#000000; font-family:Serif; font-size:8.0pt; font-style:italic;
font-weight:normal; text-align:left;"><font style="color:#000000; font-family:Serif; font-style:italic;
font-weight:normal;"><sup>&#160;</sup></font></p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Serif; font-size:8.0pt; font-style:italic; font-weight:normal; text-align:right;"><font style="color:#000000;
font-family:Serif; font-style:italic; font-weight:normal;"><sup>&#160;</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></font></p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr></table><p style="font-family:Arial; font-size:8.0pt;
font-style:normal; font-weight:normal; text-align:center;"><font style="font-family:Arial; font-weight:bold;">26</font></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></p>


<p style="font-family:Arial; font-size:11.5pt; font-style:normal; font-weight:normal; text-align:left;">STATEMENT
OF OPERATIONS</p><p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal;
text-align:left;">Six Months Ended March 31, 2021 (Unaudited)</p><p style="font-family:Arial; font-size:9.0pt;
font-style:normal; font-weight:normal; text-align:left;"><a name="4"></a><font style="font-family:Arial;
font-weight:normal;"> </font></p><table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr
style="font-size:1pt;"><td style="width:2.64%">&nbsp;</td><td style="width:45.6%">&nbsp;</td><td style="width:14.56%">&nbsp;</td><td
style="width:1.8%">&nbsp;</td><td style="width:6.91%">&nbsp;</td><td style="width:26.69%">&nbsp;</td><td
style="width:1.8%">&nbsp;</td></tr><tr><td style="border-bottom:1.5pt; border-bottom-color:#000000; border-bottom-style:solid;
vertical-align:bottom;"><p style="color:#969696; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#969696;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#969696; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#969696;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#969696; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:center;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#969696;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#969696; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#969696; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#969696; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#969696; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#969696; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#969696; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:center;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#969696; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#969696; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
vertical-align:bottom;"><p style="color:#969696; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#969696;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
vertical-align:bottom;"><p style="color:#969696; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#969696;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
vertical-align:bottom;"><p style="color:#969696; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:center;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#969696;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
vertical-align:bottom;"><p style="color:#969696; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="3" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">Investment Income ($):</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#969696; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:center;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Interest Income</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:right;"> 16,271,140 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Expenses:</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Management fee&#8212;Note 2(a)</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
2,291,415 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest and expense related
to floating rate notes issued&#8212;Note 3</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;"> 771,527 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Commission fees&#8212;Note 1</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
82,402 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Professional fees</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
70,084 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Registration fees</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
35,333 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Directors&#8217; fees and expenses&#8212;Note
2(c)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
33,249 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Shareholders&#8217; reports</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
27,238 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Shareholder servicing costs</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
21,928 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Custodian fees&#8212;Note 2(b)</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
5,497 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Chief Compliance Officer fees&#8212;Note
2(b)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
4,585 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Miscellaneous</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> 20,955 </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="3" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">Total Expenses</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:right;"> 3,364,213 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Less&#8212;reduction in expenses
due to undertaking&#8212;Note 2(a)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;"> (305,522)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Less&#8212;reduction in fees due
to earnings credits&#8212;Note 2(b)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;"> (5,410)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Net Expenses</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;"> 3,053,281 </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="3" style="background-color:#d9d9d9;
border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;  vertical-align:bottom;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Investment
Income&#8212;Net</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2;
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:left;">&#160;</p></td><td style="background-color:#d9d9d9;
border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:right;"> 13,217,859 </p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td></tr><tr><td
colspan="5" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Realized and Unrealized Gain
(Loss) on Investments&#8212;Note 3 ($):</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="5"
style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Net realized gain (loss) on
investments</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> 2,823,267
</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="5"
style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Net change in unrealized appreciation
(depreciation) on investments</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
13,486,763 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Net Realized and Unrealized Gain
(Loss) on Investments</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;">
16,310,030 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Dividends to Preferred Shareholders</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;">
(57,338)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Net Increase in Net Assets Applicable
to Common <br>      Shareholders Resulting from Operations</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;">
29,470,551 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:top;"><p
style="color:#000000; font-family:Serif; font-size:8.0pt; font-style:italic; font-weight:normal; text-align:left;">See
notes to financial statements.</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><td style="font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table><p
style="font-family:Arial; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:center;"><font
style="font-family:Arial; font-weight:bold;">27</font></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></p>


<p style="font-family:Arial; font-size:11.5pt; font-style:normal; font-weight:normal; text-align:left;">STATEMENT
OF CASH FLOWS</p><p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal;
text-align:left;">Six Months Ended March 31, 2021 (Unaudited)</p><p style="font-family:Arial; font-size:9.0pt;
font-style:normal; font-weight:normal; text-align:left;"><a name="5"></a><font style="font-family:Arial;
font-weight:normal;"> </font></p><table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr
style="font-size:1pt;"><td style="width:2.9%">&nbsp;</td><td style="width:55.28%">&nbsp;</td><td style="width:.92%">&nbsp;</td><td
style="width:18.64%">&nbsp;</td><td style="width:1.91%">&nbsp;</td><td style="width:18.64%">&nbsp;</td><td
style="width:1.71%">&nbsp;</td></tr><tr><td colspan="2" style="background-color:#d9d9d9; border-top:1.5pt;
border-top-color:#000000; border-top-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;">&#160;</p></td><td style="background-color:#d9d9d9;
border-top:1.5pt; border-top-color:#000000; border-top-style:solid; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:center;">&#160;</p></td><td style="background-color:#d9d9d9;
border-top:1.5pt; border-top-color:#000000; border-top-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;">&#160;</p></td><td
style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-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;">&#160;</p></td><td style="background-color:#d9d9d9; border-top:1.5pt;
border-top-color:#000000; border-top-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;">&#160;</p></td><td style="background-color:#d9d9d9;
border-top:1.5pt; border-top-color:#000000; border-top-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;">&#160;</p></td></tr><tr><td
style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid;
vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:center;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000;
border-bottom-style:solid; vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:center;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:center;">&#160;</p></td><td style="background-color:#d9d9d9;
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;">&#160;</p></td><td
style="background-color:#d9d9d9; 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;">&#160;</p></td><td style="background-color:#d9d9d9; 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;">&#160;</p></td><td
style="background-color:#d9d9d9; 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;">&#160;</p></td></tr><tr><td colspan="2" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">Cash Flows from Operating Activities ($): </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:right;">&#160;</p></td></tr><tr><td colspan="2" style="background-color:#d9d9d9;  vertical-align:bottom;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Purchases
of portfolio securities</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:right;"> (43,891,488)</p></td><td style="background-color:#d9d9d9; vertical-align:middle;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="3" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:left;">Proceeds from sales of portfolio securities</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:right;"> 43,721,444 </p></td><td style="background-color:#d9d9d9; vertical-align:middle;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="3" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:left;">Net purchase (sales) of short-term securities</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:right;"> 18,000,000 </p></td><td style="background-color:#d9d9d9; vertical-align:middle;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="3" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:left;">Dividends paid to Preferred Shareholders</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:right;"> (58,363)</p></td><td style="background-color:#d9d9d9; vertical-align:middle;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:left;">Interest paid</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:normal; text-align:right;"> (1,213,079)</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:middle;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:left;">Paid to BNY Mellon Investment Adviser, Inc. </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:middle;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
(1,969,846)</p></td><td style="background-color:#d9d9d9; vertical-align:middle;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="2" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Operating expenses paid</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:right;"> (281,997)</p></td><td style="background-color:#d9d9d9; vertical-align:middle;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style="background-color:#d9d9d9;
border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;  vertical-align:bottom;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Net
Cash Provided (or Used) in Operating Activities</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
vertical-align:middle;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; border-bottom-style:solid; vertical-align:middle;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
vertical-align:middle;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:right;"> 14,306,671 </p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td
colspan="2" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Cash Flows from Financing Activities
($):</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:middle;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:left;">Dividends paid to shareholders</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> (13,064,050)</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="2" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest and expense related
to floating  </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:middle;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">rate notes issued paid
      </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> (966,466)</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:middle;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="4"
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">Net Cash Provided (or Used) in Financing Activities</p></td><td style="background-color:#d9d9d9;
border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
vertical-align:middle;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:right;"> (14,030,516)</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Net Increase (Decrease) in Cash</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:right;"> 276,155 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Cash at beginning of period</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;"> 531,593 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
 vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">Cash at End of Period</p></td><td style="background-color:#d9d9d9;
border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
vertical-align:middle;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:right;"> 807,748 </p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Reconciliation of Net Increase
(Decrease) in Net Assets Applicable to</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Common Shareholders Resulting
from Operations to</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Net Cash Provided (or Used) in
Operating Activities ($):</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="4" style="background-color:#d9d9d9;
border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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:left;">Net
Increase in Net Assets Resulting From Operations</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; 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;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
vertical-align:middle;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;"> 29,470,551 </p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Adjustments to Reconcile Net
Increase in Net Assets</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Applicable to Common Shareholder
resulting from</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Operations to Net Cash Provided
(or Used) in Operating Activities ($):</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="4" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:left;">Decrease in investments in securities at cost</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:middle;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
15,063,967 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Decrease in interest receivable</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;"> 515,781 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Increase in prepaid expenses</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;"> (26,857)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Increase in Due to BNY Mellon
Investment Adviser, Inc. and affiliates</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> 16,047 </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td colspan="4" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:left;">Decrease in payable for floating rate notes issued</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:middle;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
(18,000,000)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest and expense related
to floating rate notes issued</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> 771,527 </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td colspan="4" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:left;">Decrease in dividends payable to Preferred Shareholders</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:middle;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
(1,025)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Decrease in Directors' fees
and expenses payable</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> (5,122)</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td colspan="4" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal;
text-align:left;">Increase in commissions payable and other accrued expenses</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:middle;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
45,843 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Net change in unrealized (appreciation)
depreciation on investments</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:middle;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> (13,486,763)</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td colspan="4"
style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:normal; text-align:left;">Net amortization of premiums on investments</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:middle;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;"> (57,278)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
 vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:left;">Net Cash Provided (or Used) in Operating Activities</p></td><td style="background-color:#d9d9d9;
border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
vertical-align:middle;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:right;"> 14,306,671 </p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Arial; font-size:10.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Arial; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Arial; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Arial; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Arial; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Arial; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:top;"><p
style="color:#000000; font-family:Serif; font-size:8.0pt; font-style:italic; font-weight:normal; text-align:left;">See
notes to financial statements.</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><td style="font-size:1pt; vertical-align:bottom">&nbsp;</td></tr></table><p
style="font-family:Arial; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:center;"><font
style="font-family:Arial; font-weight:bold;">28</font></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></p>


<p style="font-family:Arial; font-size:11.5pt; font-style:normal; font-weight:normal; text-align:left;">STATEMENT
OF CHANGES IN NET ASSETS</p><p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal;
text-align:left;"><a name="6"></a><font style="font-family:Arial; font-weight:normal;"> </font></p><table
cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt;"><td style="width:2.79%">&nbsp;</td><td
style="width:39.04%">&nbsp;</td><td style="width:7.32%">&nbsp;</td><td style="width:2.8%">&nbsp;</td><td
style="width:21.15%">&nbsp;</td><td style="width:1.21%">&nbsp;</td><td style="width:1.21%">&nbsp;</td><td
style="width:1.21%">&nbsp;</td><td style="width:21.15%">&nbsp;</td><td style="width:2.12%">&nbsp;</td></tr><tr><td
style="border-bottom:1.5pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;"><p
style="color:#969696; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#969696; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#969696;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; 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:left;">&#160;</p></td><td style="background-color:#d9d9d9; 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:left;">&#160;</p></td><td
style="background-color:#d9d9d9; 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:left;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">Six Months Ended <br>March
31, 2021 (Unaudited)</p></td><td colspan="3" style="background-color:#d9d9d9; 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:left;">&#160;</p></td><td style="background-color:#d9d9d9;
border-bottom:0.5pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">Year
Ended<br> September 30, 2020</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000;
border-bottom-style:solid; vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">&#160;</p></td></tr><tr><td colspan="2" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">Operations ($):</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2"
style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Investment income&#8212;net</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
13,217,859 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
26,682,006 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Net realized gain (loss) on
investments</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> 2,823,267 </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;"> (11,651,577)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="3" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Net change in unrealized appreciation
          <br>    (depreciation) on investments</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> 13,486,763 </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;"> (7,079,086)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="2" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Dividends to Preferred Shareholders</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
(57,338)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
(1,203,179)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
 vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">Net Increase (Decrease) in Net Assets Applicable<br>   to Common
Shareholders Resulting from <br>   Operations</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;"> 29,470,551
</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;"> 6,748,164
</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td colspan="9" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">Distributions ($):</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="2" style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
 vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">Distributions to Common Shareholders</p></td><td style="background-color:#d9d9d9;
border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;"> (13,064,050)</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;"> (26,125,626)</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td colspan="9" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">Capital Stock Transactions ($):</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">Distributions reinvested</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> -   </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;"> 124,964 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Increase (Decrease) in Net Assets
<br>   from Capital Stock Transactions</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;">
-   </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;"> 124,964 </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td colspan="4" style="background-color:#d9d9d9;
border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;  vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Total
Increase (Decrease) in Net Assets <br>   Applicable to Common Shareholders</p></td><td style="background-color:#d9d9d9;
border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;">
16,406,501 </p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2;
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:left;">&#160;</p></td><td style="background-color:#d9d9d9;
border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; 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:left;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:1.0pt;
border-bottom-color:#F2F2F2; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;"> (19,252,498)</p></td><td
style="background-color:#d9d9d9; border-bottom:1.0pt; border-bottom-color:#F2F2F2; border-bottom-style:solid;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td colspan="9" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">Net Assets Applicable to Common Shareholders ($):</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style="background-color:#d9d9d9;
 vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">Beginning of Period</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> 520,677,354 </p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;"> 539,929,852 </p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2"
style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">End of Period</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;"> 537,083,855 </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:right;"> 520,677,354 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td
colspan="9" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Capital Share Transactions (Common
Shares):</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="2" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">Shares issued for distributions
reinvested</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;"> -   </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
14,184 </p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td
colspan="4" style="background-color:#d9d9d9;  vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">Net Increase (Decrease) in Shares
Outstanding</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;"> -   </p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:right;"> 14,184 </p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:left;">&#160;</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:top;"><p
style="color:#000000; font-family:Serif; font-size:8.0pt; font-style:italic; font-weight:normal; text-align:left;">See
notes to financial statements.</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><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></table><p style="font-family:Arial; font-size:8.0pt;
font-style:normal; font-weight:normal; text-align:center;"><font style="font-family:Arial; font-weight:bold;">29</font></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->
<p style="page-break-before:always;"></p>


<p style="font-family:Arial; font-size:11.5pt; font-style:normal; font-weight:normal; text-align:left;">FINANCIAL
HIGHLIGHTS</p><p style="font-family:Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:justify;"><a name="7"></a><font
style="font-family:Serif; font-style:normal; font-weight:normal;"> </font></p><p style="font-family:Serif;
font-size:10.0pt; font-style:normal; font-weight:normal; text-align:justify;">The following table describes
the performance for the fiscal periods indicated. Market price total return is calculated assuming an
initial investment made at the market price at the beginning of the period, reinvestment of all dividends
and distributions at market price during the period, and sale at the market price on the last day of
the period. These figures have been derived from the fund&#8217;s financial statements and, with respect
to common stock, market price data for the fund&#8217;s common shares.</p><table cellpadding="0" cellspacing="0"
width="100%" style="clear:both"><tr style="font-size:1pt;"><td style="width:33.75%">&nbsp;</td><td style="width:17.5%">&nbsp;</td><td
style="width:10%">&nbsp;</td><td style="width:10%">&nbsp;</td><td style="width:10%">&nbsp;</td><td style="width:8.75%">&nbsp;</td><td
style="width:10%">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000;
border-top-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
border-top:1.5pt; border-top-color:#000000; border-top-style:solid; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:right; text-indent:-07.20pt;">Six
Months Ended</p></td><td colspan="5" 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;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">March
31, 2021</p></td><td colspan="5" style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000;
border-bottom-style:solid;  vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:center;">Year Ended September 30,</p></td></tr><tr><td style="background-color:#d9d9d9;
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:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt;">&#160;</p></td><td style="background-color:#d9d9d9; border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;"><p style="font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">(Unaudited)</p></td><td style="background-color:#d9d9d9;
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;">2020</p></td><td
style="background-color:#d9d9d9; 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;">2019</p></td><td style="background-color:#d9d9d9; 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;">2018</p></td><td
style="background-color:#d9d9d9; 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;">2017</p></td><td style="background-color:#d9d9d9; 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;">2016</p></td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Per
Share Data ($):</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><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;">Net asset value, beginning
of period</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">8.37</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">8.68</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">8.28</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">8.63</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">9.12</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">8.75</p></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;">Investment Operations:</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><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;">Investment income&#8212;net<font style="color:#141414; 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:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.21</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.43</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">.45</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.50</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.51</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">.53</p></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;">Net realized and unrealized <br>gain (loss) on investments</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.26</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">(.30)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.40</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">(.42)</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">(.45)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.37</p></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;">Dividends
to Preferred <br>Shareholders from <br>investment income&#8212;net</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">(.00)<font style="color:#000000; 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:8.0pt; font-style:normal; font-weight:normal; text-align:right;">(.02)</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">(.03)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">(.03)</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">(.03)</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">(.01)</p></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;">Total from Investment Operations</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">.47</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.11</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.82</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">.05</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.03</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.89</p></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;">Distributions to <br>Common
Shareholders:</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><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;">Dividends from <br>investment
income&#8212;net</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">(.21)</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">(.42)</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">(.42)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">(.45)</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">(.52)</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">(.52)</p></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;">Net asset value resulting from<br>Auction Preferred Stock<br>tendered
as a discount</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">-</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.05</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">-</p></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;">Net asset value, end of period</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">8.63</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">8.37</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">8.68</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">8.28</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">8.63</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">9.12</p></td></tr><tr><td
style="background-color:#d9d9d9; border-bottom:1.5pt; border-bottom-color:#FFFFFF; border-bottom-style:solid;
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;">Market value, end of
period</p></td><td style="background-color:#d9d9d9; border-bottom:1.5pt; border-bottom-color:#FFFFFF;
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;">8.54</p></td><td style="background-color:#d9d9d9;
border-bottom:1.5pt; border-bottom-color:#FFFFFF; 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;">8.28</p></td><td
style="background-color:#d9d9d9; border-bottom:1.5pt; border-bottom-color:#FFFFFF; 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;">8.58</p></td><td style="background-color:#d9d9d9; border-bottom:1.5pt;
border-bottom-color:#FFFFFF; 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;">7.50</p></td><td
style="background-color:#d9d9d9; border-bottom:1.5pt; border-bottom-color:#FFFFFF; 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;">8.79</p></td><td style="background-color:#d9d9d9; border-bottom:1.5pt;
border-bottom-color:#FFFFFF; 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;">9.35</p></td></tr><tr><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Market
Price Total Return (%)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">5.72<font
style="color:#000000; font-family:Cambria; font-weight:normal;"><sup>c</sup></font></p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">1.58</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">20.59</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">(9.72)</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">(.19)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">21.11</p></td></tr></table><p
style="font-family:Arial; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:center;"><font
style="font-family:Arial; font-weight:bold;">30</font></p>

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<table cellpadding="0" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt;"><td
style="width:32.5%">&nbsp;</td><td style="width:17.5%">&nbsp;</td><td style="width:10%">&nbsp;</td><td
style="width:10%">&nbsp;</td><td style="width:10%">&nbsp;</td><td style="width:10%">&nbsp;</td><td style="width:10%">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; border-top:1.5pt; border-top-color:#000000; border-top-style:solid;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; border-top:1.5pt;
border-top-color:#000000; border-top-style:solid; 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:right; text-indent:-07.20pt;">Six
Months Ended</p></td><td colspan="5" 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;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">March
31, 2021</p></td><td colspan="5" style="background-color:#d9d9d9; border-bottom:0.5pt; border-bottom-color:#000000;
border-bottom-style:solid;  vertical-align:bottom;"><p style="font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:center;">Year Ended September 30,</p></td></tr><tr><td style="background-color:#d9d9d9;
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:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt;">&#160;</p></td><td style="background-color:#d9d9d9; 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;">(Unaudited)</p></td><td
style="background-color:#d9d9d9; 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;">2020</p></td><td style="background-color:#d9d9d9; 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;">2019</p></td><td
style="background-color:#d9d9d9; 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;">2018</p></td><td style="background-color:#d9d9d9; 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;">2017</p></td><td
style="background-color:#d9d9d9; 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;">2016</p></td></tr><tr><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt;">Ratios/Supplemental Data (%):</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><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;">Ratio of total expenses to average <br>net assets applicable
<br>to Common Stock<font style="color:#141414; 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:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.26<font style="color:#000000;
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:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">1.70</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.88</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.81</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">1.49</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.30</p></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;">Ratio
of net expenses to average <br>net assets applicable<br>to Common Stock<font style="color:#141414; 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:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.15<font
style="color:#000000; 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:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">1.58</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.77</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.69</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">1.37</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.17</p></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;">Ratio
of interest and expense <br>related to floating rate notes <br>issued to average net assets <br>applicable
to Common Stock<font style="color:#141414; 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:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.29<font style="color:#000000;
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:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">.73</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.91</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.76</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">.39</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.22</p></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;">Ratio
of net investment income <br>to average net assets applicable <br>to Common Stock<font style="color:#141414;
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:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">4.97<font style="color:#000000; 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:8.0pt; font-style:normal; font-weight:normal; text-align:right;">5.11</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">5.41</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">5.99</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">5.96</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">5.83</p></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;">Ratio of total expenses <br>to total average net assets</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.10<font style="color:#000000;
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:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">1.48</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.64</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.50</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">1.18</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.03</p></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;">Ratio
of net expenses to <br>total average net assets</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.00<font
style="color:#000000; 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:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">1.37</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.54</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1.40</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">1.08</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.93</p></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;">Ratio
of interest and expense related to floating rate notes issued to total average net assets</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.25<font style="color:#000000;
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:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">.63</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.79</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.63</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">.31</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">.17</p></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;">Ratio
of net investment income <br>to total average net assets</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">4.33<font style="color:#000000; 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:8.0pt; font-style:normal; font-weight:normal; text-align:right;">4.44</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">4.70</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">4.96</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">4.71</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">4.64</p></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;">Portfolio Turnover Rate</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">7.02<font style="color:#000000; font-family:Cambria; font-weight:normal;"><sup>c</sup></font></p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">36.52</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">33.21</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">17.93</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">8.77</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">10.40</p></td></tr><tr><td style="background-color:#d9d9d9; border-bottom:1.5pt;
border-bottom-color:#FFFFFF; border-bottom-style:solid; 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;">Asset Coverage of Preferred Stock, end of period</p></td><td style="background-color:#d9d9d9;
border-bottom:1.5pt; border-bottom-color:#FFFFFF; border-bottom-style:solid; vertical-align:bottom;"><p
style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">781</p></td><td
style="background-color:#d9d9d9; border-bottom:1.5pt; border-bottom-color:#FFFFFF; border-bottom-style:solid;
vertical-align:bottom;"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">760</p></td><td style="background-color:#d9d9d9; border-bottom:1.5pt;
border-bottom-color:#FFFFFF; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">784</p></td><td
style="background-color:#d9d9d9; border-bottom:1.5pt; border-bottom-color:#FFFFFF; border-bottom-style:solid;
vertical-align:bottom;"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">753</p></td><td style="background-color:#d9d9d9; border-bottom:1.5pt;
border-bottom-color:#FFFFFF; border-bottom-style:solid; vertical-align:bottom;"><p style="color:#141414;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">476</p></td><td
style="background-color:#d9d9d9; border-bottom:1.5pt; border-bottom-color:#FFFFFF; border-bottom-style:solid;
vertical-align:bottom;"><p style="color:#141414; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">496</p></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;">Net Assets,  applicable to <br>Common Shareholders,<br>end of
period ($ x 1,000)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">537,084</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">520,677</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">539,930</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">514,880</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">535,958</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">564,910</p></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;">Preferred Stock Outstanding,<br>end
of period ($ x 1,000)</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">78,900</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">78,900</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">78,900</p></td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">78,900</p></td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">142,500</p></td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:right;">142,500</p></td></tr><tr><td style="background-color:#d9d9d9;
border-bottom:1.5pt; border-bottom-color:#FFFFFF; border-bottom-style:solid; 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;">Floating Rate Notes Outstanding,<br>end of period ($ x 1,000)</p></td><td
style="background-color:#d9d9d9; border-bottom:1.5pt; border-bottom-color:#FFFFFF; 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;">204,556</p></td><td style="background-color:#d9d9d9; border-bottom:1.5pt;
border-bottom-color:#FFFFFF; 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;">222,556</p></td><td
style="background-color:#d9d9d9; border-bottom:1.5pt; border-bottom-color:#FFFFFF; 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;">246,228</p></td><td style="background-color:#d9d9d9; border-bottom:1.5pt;
border-bottom-color:#FFFFFF; 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;">229,398</p></td><td
style="background-color:#d9d9d9; border-bottom:1.5pt; border-bottom-color:#FFFFFF; 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;">148,574</p></td><td style="background-color:#d9d9d9; border-bottom:1.5pt;
border-bottom-color:#FFFFFF; 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;">139,574</p></td></tr></table><p style="margin-top: 0pt; font: normal italic 8pt Serif; margin-left: 10.8pt; text-align: left; text-indent: -10.8pt; margin-bottom: 0pt"><font style="font-family:Serif; font-style:italic; font-weight:normal;"><sup>a</sup></font><font
style="font-family:Serif; font-style:italic; font-weight:normal;"><sup><font style="word-spacing:8.0pt;">&nbsp;</font>
</sup></font>Based on average common shares outstanding.</p><p style="margin-top: 0pt; font: normal italic 8pt Serif; margin-left: 10.8pt; text-align: left; text-indent: -10.8pt; margin-bottom: 0pt"><font
style="font-family:Serif; font-style:italic; font-weight:normal;"><sup>b</sup></font><font style="word-spacing:6.4pt;">&nbsp;</font>Amount
represents less than $.01 per share.</p><p style="margin-top: 0pt; font: normal italic 8pt Serif; margin-left: 10.8pt; text-align: left; text-indent: -10.8pt; margin-bottom: 0pt"><font style="font-family:Serif;
font-style:italic; font-weight:normal;"><sup>c</sup></font><font style="word-spacing:6.4pt;">&nbsp;</font>Not
annualized.</p><p style="margin-top: 0pt; font: normal italic 8pt Serif; margin-left: 10.8pt; text-align: left; text-indent: -10.8pt; margin-bottom: 0pt"><font style="font-family:Serif; font-style:italic; font-weight:normal;"><sup>d</sup></font><font
style="font-family:Serif; font-style:italic; font-weight:normal;"><sup><font style="word-spacing:8.0pt;">&nbsp;</font></sup></font>Does
not reflect the effect of dividends to Preferred Shareholders.</p><p style="margin-top: 0pt; font: normal italic 8pt Serif; margin-left: 10.8pt; text-align: left; text-indent: -10.8pt; margin-bottom: 0pt"><font
style="font-family:Serif; font-style:italic; font-weight:normal;"><sup>e</sup></font><font style="word-spacing:6.4pt;">&nbsp;</font>Annualized.</p><p style="margin-top: 0pt; font: normal italic 8pt Serif; margin-left: 10.8pt; text-align: left; text-indent: -10.8pt">See notes to financial statements.</p><p style="font-family:Arial;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:center;"><font style="font-family:Arial;
font-weight:bold;">31</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
TO FINANCIAL STATEMENTS <font style="font-family:Arial; font-size:10.0pt; font-weight:normal;">(Unaudited)</font></p><p
style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;"><a name="8"></a><font
style="font-family:Arial; font-weight:bold;"> </font>NOTE 1&#8212;Significant Accounting Policies:</p><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">BNY
Mellon Strategic Municipals, Inc. (the &#8220;fund&#8221;), which is registered  under the Investment Company
Act of 1940, as amended (the &#8220;Act&#8221;), is a  diversified closed-end management investment company.
The fund&#8217;s investment objective is to maximize current income exempt from federal income tax to the
extent consistent with the preservation of capital. BNY Mellon Investment Adviser, Inc. (the &#8220;Adviser&#8221;),
a wholly-owned subsidiary of The Bank of New York Mellon Corporation (&#8220;BNY Mellon&#8221;), serves as the
fund&#8217;s investment adviser. The fund&#8217;s Common Stock trades on the New York Stock Exchange (the &#8220;NYSE&#8221;)
under the ticker symbol LEO.</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal;
text-align:justify;">On February 10, 2021, BNY Mellon Investment Management announced its intention to
realign several of its investment firms. As a result of this realignment, which is scheduled to occur,
subject to regulatory requirements, in the third quarter of 2021 (the &#8220;Effective Date&#8221;), portfolio
managers responsible for managing the fund&#8217;s investments who are employees of Mellon Investments Corporation
(&#8220;Mellon&#8221;) in a dual employment arrangement with the Adviser, will become employees of Insight North
America LLC (&#8220;INA&#8221;), which, like Mellon, will be an affiliate of the Adviser, and will no longer
be employees of Mellon.  Consequently, effective as of the Effective Date and subject to the approval
of the fund&#8217;s Board of Directors (the &#8220;Board&#8221;), the Adviser will engage INA to serve as the fund&#8217;s
sub-adviser, pursuant to a sub-investment advisory agreement between the Adviser and INA. As the fund&#8217;s
sub-adviser, INA will provide the day-to-day management of the fund&#8217;s investments, subject to the Adviser&#8217;s
supervision and approval. It is currently anticipated that the fund&#8217;s portfolio managers who are responsible
for the day-to-day management of the fund&#8217;s investments will continue to manage the fund&#8217;s investments
as of the Effective Date. It is also currently anticipated that there will be no material changes to
the fund&#8217;s investment objective, strategies or policies, no reduction in the nature or level of services
provided to the fund, and no increase in the management fee payable by the fund as a result of the engagement
of INA as the fund&#8217;s sub-adviser. The Adviser (and not the fund) will pay INA for its sub-advisory
services.</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">The
fund has outstanding 763 Series M shares, 747 Series T shares, 660 Series W shares, 566 Series TH shares
and 420 series F shares for a total of 3,156 shares of Auction Preferred Stock (&#8220;APS&#8221;), with a liquidation
preference of $25,000 per share (plus an amount equal to accumulated but unpaid dividends upon liquidation).
APS dividend rates are determined pursuant to periodic auctions or by reference to a market rate. Deutsche
</p><p style="font-family:Arial; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:center;"><font
style="font-family:Arial; font-weight:bold;">32</font></p>

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<p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">Bank
Trust Company America, as the Auction Agent, receives a fee from the fund for its services in connection
with such auctions. The fund also compensates broker-dealers generally at an annual rate of .15%-.25%
of the purchase price of shares of APS.</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal;
font-weight:normal; text-align:justify;">The fund is subject to certain restrictions relating to the
APS. Failure to comply with these restrictions could preclude the fund from declaring any distributions
to shareholders of Common Stock (&#8220;Common Shareholders&#8221;) or repurchasing shares of Common Stock and/or
could trigger the mandatory redemption of APS at liquidation value. Thus, redemptions of APS may be deemed
to be outside of the control of the fund. </p><p style="font-family:Serif; font-size:10.5pt; font-style:normal;
font-weight:normal; text-align:justify;">The holders of APS, voting as a separate class, have the right
to elect at least two directors. The holders of APS will vote as a separate class on certain other matters,
as required by law. The Board has designated Robin A. Melvin and Benaree Pratt Wiley as directors to
be elected by the holders of APS.</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 (&#8220;ASC&#8221;) 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 is an investment
company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment
Companies. 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
fund<font style="color:#ff0000; font-family:Serif; font-style:normal; font-weight:normal;"> </font>enters
into contracts that contain a variety of indemnifications. The fund&#8217;s maximum exposure under these
arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.
</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;"><font
style="font-family:Serif; font-style:normal; font-weight:bold;">(a) Portfolio valuation:</font> 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:Arial; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:center;"><font style="font-family:Arial; font-weight:bold;">33</font></p>

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<p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">NOTES
TO FINANCIAL STATEMENTS (Unaudited) <font style="font-family:Arial; font-style:italic; font-weight:normal;">(continued)</font></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, excluding short-term
investment (other than U.S. Treasury Bills) are valued each business day by an independent pricing service
(the &#8220;Service&#8221;) approved by the Board. 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). Debt
investments (which constitute a majority of the portfolio securities) are carried at 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
</p><p style="font-family:Arial; font-size:8.0pt; font-style:normal; font-weight:bold; text-align:center;">34</p>

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<p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">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 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;">The following is a summary of the inputs
used as of March 31, 2021<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:22.91%">&nbsp;</td><td style="width:17.91%">&nbsp;</td><td style="width:17.91%">&nbsp;</td><td
style="width:2.93%">&nbsp;</td><td style="width:16.93%">&nbsp;</td><td style="width:19.92%">&nbsp;</td><td
style="width:1.49%">&nbsp;</td></tr><tr><td style="border-bottom:1.0pt; border-bottom-color:#000000;
border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="border-bottom:1.0pt;
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:1.0pt; 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:1.0pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="border-bottom:1.0pt; 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:1.0pt; 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:bold; text-align:right;">Total</p></td><td style="border-bottom:1.0pt;
border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan="5" style=" vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Assets
($)</p></td><td style="font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan="5" style=" vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Investments
In Securities:<font style="color:#000000; font-family:Cambria; font-weight:normal;"><sup>&#8224;</sup></font></p></td><td
style="font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="font-size:1pt; vertical-align:top">&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:07.20pt; text-align:left; text-indent:-07.20pt;">Collateralized Municipal-Backed
Securities</p></td><td style="vertical-align:bottom;"><p style="color:#000000; 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:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">1,935,587</p></td><td
style="font-size:1pt; vertical-align:bottom">&nbsp;</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;">1,935,587</p></td><td style="font-size:1pt; vertical-align:top">&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:07.20pt; text-align:left; text-indent:-07.20pt;">Municipal Securities</p></td><td
style="vertical-align:bottom;"><p style="color:#000000; 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:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">808,215,364</p></td><td
style="font-size:1pt; vertical-align:bottom">&nbsp;</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;">808,215,364</p></td><td style="font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan="5" style=" vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Liabilities
($)</p></td><td style="font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="font-size:1pt; vertical-align:top">&nbsp;</td></tr><tr><td
colspan="5" style=" vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt;
font-style:normal; font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Other
Financial Instruments:</p></td><td style="font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="font-size:1pt;
vertical-align:top">&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:07.20pt; text-align:left; text-indent:-07.20pt;">Floating
Rate Notes<font style="color:#141414; font-family:Cambria; font-weight:normal;"><sup>&#8224;&#8224;</sup></font></p></td><td
style="vertical-align:bottom;"><p style="color:#000000; 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:#000000;
font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">(204,555,737)</p></td><td
style="font-size:1pt; vertical-align:bottom">&nbsp;</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;">(204,555,737)</p></td><td style="font-size:1pt; vertical-align:top">&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>&#8224;</sup></font><font
style="word-spacing:6.4pt;">&nbsp;</font>See Statement of Investments for additional detailed categorizations,
if any.</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>&#8224;&#8224;</sup></font><font
style="word-spacing:6.4pt;">&nbsp;</font>Certain of the fund&#8217;s liabilities are held at carrying amount,
which approximates fair value for financial reporting purposes.</p><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:justify;"><font style="font-family:Serif; font-style:normal;
font-weight:bold;">(b) Securities transactions and investment income:</font> Securities transactions
are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded
on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of
premium on investments, is earned from settlement date and recognized on the accrual basis. Securities
purchased or sold on a when issued or delayed delivery basis may be settled a month or more after the
trade date.</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal;
text-align:justify;"><font style="font-family:Serif; font-style:normal; font-weight:bold;">(c) Risk:</font>
Certain events particular to the industries in which the fund&#8217;s investments conduct their operations,
as well as general economic, political </p><p style="font-family:Arial; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:center;"><font style="font-family:Arial; font-weight:bold;">35</font></p>

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<p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">NOTES
TO FINANCIAL STATEMENTS (Unaudited) <font style="font-family:Arial; font-style:italic; font-weight:normal;">(continued)</font></p><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">and
public health conditions, may have a significant negative impact on the investee&#8217;s operations and profitability.
In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income
markets may negatively affect many issuers, which could adversely affect the fund. Global economies and
financial markets are becoming increasingly interconnected, and conditions and events in one country,
region or financial market may adversely impact issuers in a different country, region or financial market.
These risks may be magnified if certain events or developments adversely interrupt the global supply
chain; in these and other circumstances, such risks might affect companies world-wide.&#160; Recent examples
include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments,
including closing borders, restricting international and domestic travel, and the imposition of prolonged
quarantines of large populations, and by businesses, including changes to operations and reducing staff.
To the extent the fund may overweight its investments in certain countries, companies, industries or
market sectors, such positions will increase the fund&#8217;s exposure to risk of loss from adverse developments
affecting those countries, companies, industries or sectors.</p><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:justify;"><font style="font-family:Serif; font-style:normal;
font-weight:bold;">(d) Dividends and distributions to Common Shareholders:</font> Dividends and distributions
are recorded on the ex-dividend date. Dividends from investment income-net are normally declared and
paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually,
but the fund may make distributions on a more frequent basis to comply with the distribution requirements
of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). To the extent that net realized capital
gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains.
Income and capital gain distributions are determined in accordance with income tax regulations, which
may differ from GAAP.</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal;
text-align:justify;">Common Shareholders will have their distributions reinvested in additional shares
of the fund, unless such Common Shareholders elect to receive cash, at the lower of the market price
or net asset value per share (but not less than 95% of the market price). If market price is equal to
or exceeds net asset value, shares will be issued at net asset value. If net asset value exceeds market
price, Computershare Inc., the transfer agent for the fund&#8217;s Common Stock, will buy fund shares in
the open market and reinvest those shares accordingly.</p><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:justify;">On March 30, 2021, the Board declared a cash
dividend of $.035 per share from investment income-net, payable on April 30, 2021 to Common </p><p style="font-family:Arial;
font-size:8.0pt; font-style:normal; font-weight:bold; text-align:center;">36</p>

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<p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">Shareholders
of record as of the close of business on April 15, 2021. The ex-dividend date was April 14, 2021.</p><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;"><font
style="font-family:Serif; font-style:normal; font-weight:bold;">(e) Dividends and distributions to shareholders
of APS:</font> Dividends, which are cumulative, are generally reset every 7 days for each Series of APS
pursuant to a process specified in related fund charter documents. Dividend rates as of March 31, 2021,
for each Series of APS were as follows: Series M-0.095%, Series T-0.095%, Series W-0.095%, Series TH-0.088%
and Series F-0.088%. These rates reflect the &#8220;maximum rates&#8221; under the governing instruments as a
result of &#8220;failed auctions&#8221; in which sufficient clearing bids are not received. The average dividend
rates for the period ended March 31, 2021 for each Series of APS were as follows: Series M-0.147%, Series
T-0.146%, Series W-0.142%, Series TH-0.146% and Series F-0.147%.</p><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:justify;"><font style="font-family:Serif; font-style:normal;
font-weight:bold;">(f) Federal income taxes:</font> It is the policy of the fund to continue to qualify
as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable
provisions of the Code, and to make distributions of income and net realized capital gain sufficient
to relieve it from substantially all federal income and excise taxes.</p><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">As of and during the period
ended March 31, 2021, the fund did not have any liabilities for any uncertain tax positions. The fund
recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in
the Statement of Operations. During the period ended March 31, 2021, the fund did not incur any interest
or penalties.</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal;
text-align:justify;">Each tax year in the three-year period ended September 30, 2020 remains subject
to examination by the Internal Revenue Service and state taxing authorities.</p><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">The fund is permitted to
carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their
character as either short-term or long-term capital losses.</p><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:justify;">The fund has an unused capital loss carryover
of $28,135,416 available for federal income tax purposes to be applied against future net realized capital
gains, if any, realized subsequent to September 30, 2020. The fund has $16,093,978 of short-term capital
losses and $12,041,438 of long-term capital losses which can be carried forward for an unlimited period.</p><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">The
tax character of distributions paid to shareholders during the fiscal year ended September 30, 2020 was
as follows: tax-exempt income $27,323,378 and ordinary income $5,427. The tax character of current year
distributions will be determined at the end of the current fiscal year. </p><p style="font-family:Arial;
font-size:8.0pt; font-style:normal; font-weight:normal; text-align:center;"><font style="font-family:Arial;
font-weight:bold;">37</font></p>

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<p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">NOTES
TO FINANCIAL STATEMENTS (Unaudited) <font style="font-family:Arial; font-style:italic; font-weight:normal;">(continued)</font></p><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;"><font
style="font-family:Serif; font-style:normal; font-weight:bold;">(g) New accounting pronouncements:</font>
In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848):
Facilitation of the Effects of Reference Rate Reform on Financial Reporting (&#8220;ASU 2020-04&#8221;), and
in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848):
Scope (&#8220;ASU 2021-01&#8221;), which provides optional, temporary relief with respect to the financial reporting
of contracts subject to certain types of modifications due to the planned discontinuation of the London
Interbank Offered Rate (&#8220;LIBOR&#8221;) and other interbank offered rates as of the end of 2021. The temporary
relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract
modifications that occur during the period from March 12, 2020 through December 31, 2022. Management
is evaluating the impact of ASU 2020-04 and ASU 2021-01<font style="color:#ff0000; font-family:Serif;
font-style:normal; font-weight:normal;"> </font>on the fund&#8217;s investments, derivatives, debt and other
contracts that will undergo reference rate-related modifications as a result of the reference rate reform.
Management is also currently actively working with other financial institutions and counterparties to
modify contracts as required by applicable regulation and within the regulatory deadlines.</p><p style="font-family:Arial;
font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">NOTE 2&#8212;Management Fee and
Other Transactions with Affiliates:</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal;
font-weight:normal; text-align:justify;"><font style="font-family:Serif; font-style:normal; font-weight:bold;">(a)
</font>Pursuant to a management agreement (the &#8220;Agreement&#8221;) with the Adviser, the management fee
is computed at the annual rate of .75% of the value of the fund&#8217;s average weekly net assets, inclusive
of the outstanding APS, and is payable monthly. The Agreement provides for an expense reimbursement from
the Adviser should the fund&#8217;s aggregate expenses (excluding taxes, interest on borrowings, brokerage
fees and extraordinary expenses) in any full fiscal year exceed the lesser of (1) the expense limitation
of any state having jurisdiction over the fund or (2) 2% of the first $10 million, 1<font style="font-family:Serif;
font-style:normal; font-weight:normal;"><sup>&#189;</sup></font>% of the next $20 million and 1% of the excess
over $30 million of the average weekly value of the fund&#8217;s net assets. During the period ended March
31, 2021, there was no expense reimbursement pursuant to the Agreement.</p><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">The Adviser has currently
undertaken, from October 1, 2020 through November 30, 2021 to waive receipt of a portion of the fund&#8217;s
management fee, in the amount of .10% of the value of the fund&#8217;s average weekly net assets (including
net assets representing APS outstanding). The reduction in expenses, pursuant to the undertaking, amounted
to $305,522 during the period ended March 31, 2021<font style="color:#121212; font-family:Serif; font-style:normal;
font-weight:normal;">.</font>  </p><p style="font-family:Serif; font-size:10.5pt; font-style:normal;
font-weight:normal; text-align:justify;"><font style="font-family:Serif; font-style:normal; font-weight:bold;">(b)
</font>The fund compensates The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate
of the Adviser,  under a custody agreement for providing custodial services for the fund. These fees
are determined </p><p style="font-family:Arial; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:center;">38</p>

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<p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">based
on net assets and transaction activity. During the period ended March 31, 2021<font style="font-family:Serif;
font-style:normal; font-size:11.0pt; font-weight:normal;">, </font>the fund was charged $5,497<font style="font-family:Serif;
font-style:normal; font-size:11.0pt; font-weight:normal;"> </font>pursuant to the custody agreement.
These fees were partially offset by earnings credits of $5,410</p><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:justify;">The fund has an arrangement with the custodian
whereby the fund may receive earnings credits when positive cash balances are maintained, which are used
to offset custody fees. For financial reporting purposes, the fund includes net earnings credits, if
any, as an expense offset in the Statement of Operations.</p><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:justify;">During the period ended March 31, 2021, the
fund was charged $4,585 for services performed by the Chief Compliance Officer and his staff. These fees
are included in Chief Compliance Officer fees in the Statement of Operations.</p><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">The components of &#8220;Due
to BNY Mellon Investment Adviser, Inc. and affiliates&#8221; in the Statement of Assets and Liabilities consist
of: management fees of $391,691, custodian fees of $3,545 and Chief Compliance Officer fees of $2,359,
which are offset against an expense reimbursement currently in effect in the amount of $55,537.</p><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;"><font
style="font-family:Serif; font-style:normal; font-weight:bold;">(c)</font> Each Board member also serves
as a Board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and
attendance fees are allocated to each fund based on net assets. </p><p style="font-family:Arial; font-size:10.0pt;
font-style:normal; font-weight:bold; text-align:left;">NOTE 3&#8212;Securities Transactions:</p><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">The aggregate amount of
purchases and sales (including paydowns) of investment securities, excluding short-term securities during
the period ended March 31, 2021, amounted to $43,879,353 and $42,226,537, respectively.</p><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;"><font style="font-family:Serif;
font-style:normal; font-weight:bold;">Inverse Floater Securities:</font> The fund participates in secondary
inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust
(the &#8220;Inverse Floater Trust&#8221;). The Inverse Floater Trust typically issues two variable rate securities
that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these
variable rate securities pays interest based on a short-term floating rate set by a remarketing agent
at predetermined intervals (&#8220;Trust Certificates&#8221;). A residual interest tax-exempt security is also
created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on
the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities
and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without
the consent of the fund due to certain termination events such as bankruptcy, default or other credit
event.</p><p style="font-family:Arial; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:center;"><font
style="font-family:Arial; font-weight:bold;">39</font></p>

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<p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">NOTES
TO FINANCIAL STATEMENTS (Unaudited) <font style="font-family:Arial; font-style:italic; font-weight:normal;">(continued)</font></p><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">The
fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the
securities transferred remaining in the fund&#8217;s investments, and the Trust Certificates reflected as
fund liabilities in the Statement of Assets and Liabilities. </p><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:justify;">The fund may invest in inverse floater securities
on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility
provided by a bank or other financial institution (the &#8220;Liquidity Provider&#8221;) that allows the holders
of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider
of par plus accrued interest on any business day prior to a termination event. When the fund invests
in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment
under the liquidity facility due to a termination event to the holders of the Trust Certificates. When
this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities
held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the
proceeds of the sale of the bonds in the Inverse Floater Trust (&#8220;Liquidation Shortfall&#8221;). When a
fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement
agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the
amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security
bears the risk of loss with respect to any Liquidation Shortfall.</p><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:justify;">The average amount of borrowings outstanding
under the inverse floater structure during the period ended March 31, 2021 was approximately $213,588,704
with a related weighted average annualized interest rate of .72%.</p><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:justify;">At March 31, 2021, accumulated net unrealized
appreciation on investments was $67,706,563, consisting of $69,370,784 gross unrealized appreciation
and $1,664,221 gross unrealized depreciation. </p><p style="font-family:Serif; font-size:10.5pt; font-style:normal;
font-weight:normal; text-align:justify;">At March 31, 2021, 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:Arial; font-size:8.0pt; font-style:normal; font-weight:bold;
text-align:center;">40</p>

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<p style="font-family:Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:21.60pt;
text-align:left; text-indent:-21.60pt;"><font style="font-family:Arial; font-size:11.5pt; font-weight:normal;">INFORMATION
ABOUT THE RENEWAL OF THE FUND&#8217;S MANAGEMENT AGREEMENT (Unaudited)</font></p><p style="font-family:Serif;
font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><a name="9"></a><font style="font-family:Serif;
font-style:normal; font-weight:normal;"> </font></p><p style="font-family:Serif; font-size:10.5pt; font-style:normal;
font-weight:normal; text-align:justify;">At a meeting of the fund&#8217;s Board of Directors held on November
2-3, 2020, the Board considered the renewal of the fund&#8217;s Management Agreement pursuant to which the
Adviser provides the fund with investment advisory and administrative services (the &#8220;Agreement&#8221;).
The Board members, a majority of whom are not &#8220;interested persons&#8221; (as defined in the Investment
Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel
and met with counsel in executive session separate from representatives of the Adviser. In considering
the renewal of the Agreement, the Board considered several factors that it believed to be relevant, including
those discussed below. The Board did not identify any one factor as dispositive, and each Board member
may have attributed different weights to the factors considered.</p><p style="font-family:Serif; font-size:10.5pt;
font-style:normal; font-weight:normal; text-align:justify;"><font style="font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:underline;">Analysis of Nature, Extent, and Quality of Services Provided
to the Fund.</font> The Board considered information provided to it at the meeting and in previous presentations
from representatives of the Adviser regarding the nature, extent, and quality of the services provided
to funds in the BNY Mellon fund complex, including the fund. Representatives of the Adviser noted that
the fund is a closed-end fund without daily inflows and outflows of capital and provided the fund&#8217;s
asset size. </p><p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal;
text-align:justify;">The Board also considered research support available to, and portfolio management
capabilities of, the fund&#8217;s portfolio management personnel and that the Adviser also provides oversight
of day-to-day fund operations, including fund accounting and administration and assistance in meeting
legal and regulatory requirements. The Board also considered the Adviser&#8217;s extensive administrative,
accounting and compliance infrastructures.</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal;
font-weight:normal; text-align:justify;"><font style="font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:underline;">Comparative Analysis of the Fund&#8217;s Performance and Management Fee and Expense
Ratio.</font> The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (&#8220;Broadridge&#8221;),
an independent provider of investment company data based on classifications provided by Thomson Reuters
Lipper, which included information comparing (1) the fund&#8217;s performance with the performance of a group
of leveraged closed-end general and insured municipal debt funds selected by Broadridge as comparable
to the fund (the &#8220;Performance Group&#8221;) and with a broader group of funds consisting of all leveraged
closed-end general and insured municipal debt funds (the &#8220;Performance Universe&#8221;), all for various
periods ended September 30, 2020, and (2) the fund&#8217;s actual and contractual management fees and total
expenses with those of the same group of funds in the Performance Group (the &#8220;Expense Group&#8221;) and
with a broader group of all leveraged closed-end general and insured municipal debt funds, excluding
outliers (the &#8220;Expense Universe&#8221;), the information for which was derived in part from fund financial
statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished
the Board with a description of the methodology Broadridge used to select the Performance Group and Performance
Universe and the Expense Group and Expense Universe.</p><p style="font-family:Arial; font-size:8.0pt;
font-style:normal; font-weight:normal; text-align:center;"><font style="font-family:Arial; font-weight:bold;">41</font></p>

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<p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal; margin-left:14.40pt;
text-align:left; text-indent:-14.40pt;">INFORMATION ABOUT THE RENEWAL OF THE FUND&#8217;S MANAGEMENT AGREEMENT
(Unaudited)<font style="font-family:Arial; font-style:italic; font-weight:normal;"> (continued)</font></p><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;"><font
style="font-family:Serif; font-style:italic; font-weight:normal; text-decoration:underline;">Performance
Comparisons.</font> Representatives of the Adviser stated that the usefulness of performance comparisons
may be affected by a number of factors, including different investment limitations and policies and the
extent and manner in which leverage is employed that may be applicable to the fund and comparison funds
and the end date selected. The Board discussed with representatives of the Adviser the results of the
comparisons and considered that the fund&#8217;s total return performance, on a net asset value basis, was
at or above the Performance Group median for all periods, except the one-, two- and three-year periods
when it was below the Performance Group median, and below the Performance Universe median for all periods
and the fund&#8217;s total return performance, on a market price basis, was at or above the Performance Group
median for all periods, except the three- and four-year periods when it was below the Performance Group
median, and above the Performance Universe median for all periods except the three-year period when it
was below the Performance Universe median. The Board also considered that the fund&#8217;s yield performance,
on a net asset value basis, was at or above the Performance Group medians for all ten one-year periods
ended September 30th and above the Performance Universe medians for all ten one-year periods and, on
a market price basis, the fund&#8217;s yield performance was at or above the Performance Group and Performance
Universe medians for all ten one-year periods ended September 30th except one period when yield performance
was within one basis point of the Performance Universe median. The Adviser also provided a comparison
of the fund&#8217;s calendar year total returns (on a net asset value basis) to the returns of the fund&#8217;s
benchmark index, and it was noted that the fund&#8217;s returns were above the returns of the index in seven
of the ten calendar years shown. </p><p style="font-family:Serif; font-size:10.5pt; font-style:normal;
font-weight:normal; text-align:justify;"><font style="font-family:Serif; font-style:italic; font-weight:normal;
text-decoration:underline;">Management Fee and Expense Ratio Comparisons.</font> The Board reviewed and
considered the contractual management fee rate payable by the fund to the Adviser in light of the nature,
extent and quality of the management services provided by the Adviser. In addition, the Board reviewed
and considered the actual management fee rate paid by the fund over the fund&#8217;s last fiscal year which
included reductions for a fee waiver arrangement in place that reduced the management fee paid to the
Adviser. The Board also reviewed the range of actual and contractual management fees and total expenses
as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the
results of the comparisons. The Board considered that, based on common assets alone, the fund&#8217;s contractual
management fee was higher than the Expense Group median, the fund&#8217;s actual management fee was lower
than the Expense Group median and Expense Universe median actual management fee and the fund&#8217;s total
expenses were lower than the Expense Group median and Expense Universe median total expenses. The Board
also considered that, based on common and leveraged assets together, the fund&#8217;s actual management fee
was higher than the Expense Group median and Expense Universe median actual management fee and the fund&#8217;s
total expenses were equal to the Expense Group median and lower than the Expense Universe median total
expenses. </p><p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">Representatives
of the Adviser stated that the Adviser has contractually agreed, until November 30, 2021, to waive receipt
of a portion of the fund&#8217;s management fee, in the </p><p style="font-family:Arial; font-size:8.0pt;
font-style:normal; font-weight:bold; text-align:center;">42</p>

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<p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">amount
of .10% of the value of the fund&#8217;s average weekly net assets (including net assets representing auction
preferred stock outstanding).</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal;
text-align:justify;">Representatives of the Adviser reviewed with the Board the management or investment
advisory fees paid by funds advised or administered by the Adviser that are in the same Lipper category
as the fund (the &#8220;Similar Funds&#8221;), and explained the nature of the Similar Funds. They discussed
differences in fees paid and the relationship of the fees paid in light of any differences in the services
provided and other relevant factors. The Board considered the relevance of the fee information provided
for the Similar Funds to evaluate the appropriateness of the fund&#8217;s management fee. Representatives
of the Adviser noted that there were no separate accounts and/or other types of client portfolios advised
by the Adviser that are considered to have similar investment strategies and policies as the fund.</p><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;"><font
style="font-family:Serif; font-style:normal; font-weight:normal; text-decoration:underline;">Analysis
of Profitability and Economies of Scale.</font> Representatives of the Adviser reviewed the expenses
allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage
for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for
managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and
profit. The Board concluded that the profitability results were not excessive, given the services rendered
and service levels provided by the Adviser and its affiliates. The Board also considered the fee waiver
arrangement and its effect on the profitability of the Adviser and its affiliates. The Board also had
been provided with information prepared by an independent consulting firm regarding the Adviser&#8217;s approach
to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon
fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection
with the management of a fund. </p><p style="font-family:Serif; font-size:10.5pt; font-style:normal;
font-weight:normal; text-align:justify;">The Board considered, on the advice of its counsel, the profitability
analysis (1) as part of its evaluation of whether the fees under the Agreement, considered in relation
to the mix of services provided by the Adviser, including the nature, extent and quality of such services,
supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and
the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect
these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated
that, because the fund is a closed-end fund without daily inflows and outflows of capital, there were
not significant economies of scale at this time to be realized by the Adviser in managing the fund&#8217;s
assets. Representatives of the Adviser also stated that, as a result of shared and allocated costs among
funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on
the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets
can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite
direction from, changes in the fund&#8217;s asset level. The Board also considered potential benefits to
the Adviser from acting as investment adviser and took into consideration that there were no soft dollar
arrangements in effect for trading the fund&#8217;s investments. </p><p style="font-family:Arial; font-size:8.0pt;
font-style:normal; font-weight:normal; text-align:center;"><font style="font-family:Arial; font-weight:bold;">43</font></p>

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<p style="font-family:Arial; font-size:9.0pt; font-style:normal; font-weight:normal; margin-left:14.40pt;
text-align:left; text-indent:-14.40pt;">INFORMATION ABOUT THE RENEWAL OF THE FUND&#8217;S MANAGEMENT AGREEMENT
(Unaudited)<font style="font-family:Arial; font-style:italic; font-weight:normal;"> (continued)</font></p><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">At
the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information
to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions
and considerations as described above, the Board concluded and determined as follows.</p><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; margin-left:36.00pt; text-align:justify; text-indent:-18.00pt;"><font
style="font-family:Symbol; font-weight:normal;">&#183;</font><font style="font-family:Symbol; font-weight:normal;"><font
style="word-spacing:10.5pt;">&nbsp;</font></font>The Board concluded that the nature, extent and quality
of the services provided by the Adviser are adequate and appropriate.</p><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; margin-left:36.00pt; text-align:justify; text-indent:-18.00pt;"><font
style="font-family:Symbol; font-weight:normal;">&#183;</font><font style="font-family:Symbol; font-weight:normal;"><font
style="word-spacing:10.5pt;">&nbsp;</font></font>The Board generally was satisfied with the fund&#8217;s
overall performance.</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal;
margin-left:36.00pt; text-align:justify; text-indent:-18.00pt;"><font style="font-family:Symbol; font-weight:normal;">&#183;</font><font
style="font-family:Symbol; font-weight:normal;"><font style="word-spacing:10.5pt;">&nbsp;</font></font>The
Board concluded that the fee paid to the Adviser continued to be appropriate under the circumstances
and in light of the factors and the totality of the services provided as discussed above.</p><p style="font-family:Serif;
font-size:10.5pt; font-style:normal; font-weight:normal; margin-left:36.00pt; text-align:justify; text-indent:-18.00pt;"><font
style="font-family:Symbol; font-weight:normal;">&#183;</font><font style="font-family:Symbol; font-weight:normal;"><font
style="word-spacing:10.5pt;">&nbsp;</font></font>The Board determined that the economies of scale which
may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately
considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Agreement
and that, to the extent in the future it were determined that material economies of scale had not been
shared with the fund, the Board would seek to have those economies of scale shared with the fund.</p><p
style="font-family:Serif; font-size:10.5pt; font-style:normal; font-weight:normal; text-align:justify;">In
evaluating the Agreement, the Board considered these conclusions and determinations and also relied on
its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates,
of the Adviser and the services provided to the fund by the Adviser. The Board also relied on information
received on a routine and regular basis throughout the year relating to the operations of the fund and
the investment management and other services provided under the Agreement, including information on the
investment performance of the fund in comparison to similar funds and benchmark performance indices;
general market outlook as applicable to the fund; and compliance reports. In addition, the Board&#8217;s
consideration of the contractual fee arrangements for the fund had the benefit of a number of years of
reviews of the Agreement for the fund, or substantially similar agreements for other BNY Mellon funds
that the Board oversees, during which lengthy discussions took place between the Board and representatives
of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in
others, and the Board&#8217;s conclusions may be based, in part, on their consideration of the fund&#8217;s arrangements,
or substantially similar arrangements for other BNY Mellon funds that the Board oversees, in prior years.
The Board determined to renew the Agreement.</p><p style="font-family:Arial; font-size:8.0pt; font-style:normal;
font-weight:bold; text-align:center;">44</p>

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<p style="font-family:Arial; font-size:11.0pt; font-style:normal; font-weight:normal; text-align:left;"><font
style="font-family:Arial; font-size:11.5pt; font-weight:normal;">OFFICERS AND DIRECTORS</font><br>BNY
Mellon Strategic Municipals, Inc.</p><p style="font-family:Serif; font-size:10.5pt; font-style:normal;
font-weight:normal; text-align:left;">240 Greenwich Street<br>New York, NY 10286</p><table cellpadding="2"
cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt;"><td style="width:42%">&nbsp;</td><td
style="width:8%">&nbsp;</td><td style="width:42%">&nbsp;</td><td style="width:8%">&nbsp;</td></tr><tr><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:9.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;"><a name="10"></a><font
style="color:#000000; font-family:Cambria; font-weight:bold;"> </font>Directors</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:9.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt;">Officers (continued)</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;">Joseph S. DiMartino, Chairman</p></td><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:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt;">Assistant Treasurers (continued)</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:Agency FB; 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:normal;">Gordon J. Davis</font><font style="color:#141414; font-family:Agency FB; font-weight:normal;"><sup>&#8224;</sup></font></p></td><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:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">    Robert Salviolo</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;">Joni Evans</p></td><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:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">    Robert Svagna</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;">Joan Gulley</p></td><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:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Chief Compliance Officer</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;">Alan H. Howard</p></td><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:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">    Joseph W. Connolly</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:Agency FB; 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:normal;">Robin A. Melvin </font><font style="color:#141414; font-family:Serif; font-weight:normal;"><sup>&#8224;&#8224;</sup></font></p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:9.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt;">Portfolio Managers</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;">Burton N. Wallack</p></td><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:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt;">Daniel A. Rabasco</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;">Benaree Pratt Wiley<font style="color:#141414; font-family:Cambria;
font-weight:normal;"><sup>&#8224;&#8224;</sup></font></p></td><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:normal; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt;">Jeffrey B. Burger</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:top;"><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>&#8224;
  </sup></font>Interested Board Member</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:top">&nbsp;</td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td></tr><tr><td style="background-color:#d9d9d9; vertical-align:top;"><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>&#8224;&#8224;</sup></font>
Elected by APS Holders</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:top">&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:#000000; font-family:Cambria; font-size:9.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt;">Officers</p></td><td style="background-color:#d9d9d9; font-size:1pt;
vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000;
font-family:Cambria; font-size:9.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left;
text-indent:-07.20pt;">Adviser</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;">President</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">BNY Mellon Investment
Adviser, Inc.</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;">
   David DiPetrillo</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:9.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Custodian</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;">Chief Legal Officer</p></td><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:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">The Bank of New York
Mellon</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;">
   Bennett A. MacDougall</p></td><td style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td
style="background-color:#d9d9d9; vertical-align:bottom;"><p style="color:#000000; font-family:Cambria;
font-size:9.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Counsel</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;">Vice President and Secretary</p></td><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:normal; text-align:left;">Proskauer Rose LLP</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;">    James Bitetto</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:9.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt;">Transfer Agent,</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;">Vice President and Secretaries</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:9.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt;">Dividend Disbursing Agent</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;">    Deirdre Cunnane</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:9.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt;">and Registrar</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;">    Sarah S. Kelleher</p></td><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:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt;">Computershare Inc.</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;">    Jeff Prusnofsky</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt;">(Common Stock)</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;">   Peter M. Sullivan</p></td><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:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt;">Deutsche Bank Trust Company America</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;">    Amanda Quinn</p></td><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:normal; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt;">(Auction Preferred Stock)</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;">    Natalya Zelensky</p></td><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:9.0pt; font-style:normal; font-weight:bold; margin-left:07.20pt;
text-align:left; text-indent:-07.20pt;">Auction Agent</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
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:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Deutsche Bank Trust
Company America</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;">Treasurer</p></td><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:normal; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">(Auction Preferred Stock)</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;">    James Windels</p></td><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:9.0pt; font-style:normal;
font-weight:bold; margin-left:07.20pt; text-align:left; text-indent:-07.20pt;">Stock Exchange Listing</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;">Assistant Treasurers</p></td><td
style="background-color:#d9d9d9; font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9;
vertical-align:bottom;"><p style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal;
font-weight:normal; text-align:left;">NYSE Symbol: LEO</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;">    Gavin C. Reilly</p></td><td style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Initial
SEC Effective Date</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 style="background-color:#d9d9d9;
font-size:1pt; vertical-align:bottom">&nbsp;</td><td style="background-color:#d9d9d9; vertical-align:bottom;"><p
style="color:#000000; font-family:Cambria; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">9/23/87</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 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;
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 colspan="4"
style=" vertical-align:bottom;"><p style="font-family:Serif; font-size:8.0pt; font-style:italic; font-weight:normal;
text-align:left;">The fund&#8217;s net asset value per share appears in the following publications: Barron&#8217;s,
Closed-End Bond Funds section under the heading &#8220;Municipal Bond Funds&#8221; every Monday; and The Wall
Street Journal, Mutual Funds section under the heading &#8220;Closed-End Funds&#8221; every Monday.</p></td></tr><tr><td
colspan="4" style=" vertical-align:bottom;"><p style="font-family:Serif; font-size:8.0pt; font-style:italic;
font-weight:normal; text-align:left;">Notice is hereby given in accordance with Section 23(c) of the
Act that the fund may purchase shares of its Common Stock in the open market when it can do so at prices
below the then current net asset value per share.</p></td></tr></table><p style="font-family:Arial; font-size:8.0pt;
font-style:normal; font-weight:normal; text-align:center;"><font style="font-family:Arial; font-weight:bold;">45</font></p>

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<div style="border-bottom:1pt; border-bottom-color:#000000; border-bottom-style:solid; padding:0pt 0pt
1pt 0pt;"><div style="font-family:Arial; font-size:36.0pt; font-style:normal; font-weight:normal; text-align:left;">For
More Information</div></div><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:bold;
text-align:left;">BNY Mellon Strategic Municipals, Inc.</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-align: left; margin-bottom: 0pt">240 Greenwich Street</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-align: left">New York, NY 10286</p><p style="font-family:Arial;
font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">Adviser</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-align: left; margin-bottom: 0pt">BNY Mellon Investment Adviser,
Inc.</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-align: left; margin-bottom: 0pt">240
Greenwich Street</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-align: left">New York, NY 10286</p><p style="font-family:Arial; font-size:10.0pt; font-style:normal;
font-weight:bold; text-align:left;">Custodian</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-align: left; margin-bottom: 0pt">The Bank of New York Mellon</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-align: left; margin-bottom: 0pt">240 Greenwich Street</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-align: left">New York, NY 10286</p><p style="font-family:Arial;
font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">Transfer Agent &amp;<br>Registrar
(Common Stock)</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-align: left; margin-bottom: 0pt">Computershare Inc.</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-align: left; margin-bottom: 0pt">480 Washington Boulevard</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-align: left">Jersey City, NJ 07310</p><p style="font-family:Arial;
font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">Dividend Disbursing Agent (Common
Stock)</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-align: left; margin-bottom: 0pt">Computershare
Inc.</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-align: left; margin-bottom: 0pt">P.O.
Box 30170</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-align: left">College
Station, TX 77842</p><table cellpadding="2" cellspacing="0" width="100%" style="clear:both"><tr style="font-size:1pt;"><td
style="width:20%">&nbsp;</td><td style="width:80%">&nbsp;</td></tr><tr><td style="border-bottom:0.5pt;
border-bottom-color:#000000; border-bottom-style:solid; border-top:0.5pt; border-top-color:#000000; border-top-style:solid;
font-size:1pt; vertical-align:top;"><p style="font-family:Serif; font-size:10.0pt; font-style:normal;
font-weight:bold; text-align:left;">Ticker Symbol:</p></td><td style="text-align: left; border-bottom: #000000 0.5pt solid; border-top: #000000 0.5pt solid; vertical-align: top"><p
style="font-family:Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">LEO</p></td></tr></table><p
style="font-family:Serif; font-size:8.5pt; font-style:normal; font-weight:normal; text-align:left;"><font
style="font-family:Serif; font-style:normal; font-size:10.0pt; font-weight:normal;">For more information
about the fund, visit https://im.bnymellon.com/us/en/products/closed-end-funds.jsp. Here you will find
the fund&#8217;s most recently available quarterly fact sheets and other information about the fund. The
information posted on the fund&#8217;s website is subject to change without notice. </font></p><p style="font-family:Serif;
font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The fund files its complete
schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form
N-PORT. The fund&#8217;s Forms N-PORT are available on the SEC&#8217;s website at <font style="font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:underline;">www.sec.gov</font>.</p><p style="font-family:Serif;
font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">A description of the policies
and procedures that the fund uses to determine how to vote proxies relating to portfolio securities and
information regarding how the fund voted these proxies for the most recent 12-month period ended June
30 is available at www.im.bnymellon.com<font style="color:#0000ff; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:underline;"> </font>and on the SEC&#8217;s website at www.sec.gov and
without charge, upon request, by calling 1-800-373-9387.</p><table cellpadding="2" cellspacing="0" width="100%"
style="clear:both"><tr style="font-size:1pt;"><td style="width:50%">&nbsp;</td><td style="width:50%">&nbsp;</td></tr><tr><td
style="font-size:1pt; vertical-align:bottom;"><p style="font-family:Serif; font-size:8.5pt; font-style:normal;
font-weight:normal; text-align:left;"><br>0853SA0321</p></td><td style="vertical-align:bottom;"><p style="font-family:Serif;
font-size:8.5pt; font-style:normal; font-weight:normal; text-align:right;"><img src="img_06af200a3a5c4.jpg"></p></td></tr></table>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0pt 12pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 2.</B></TD><TD><B>Code of Ethics.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.75in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 3.</B></TD><TD><B>Audit Committee Financial Expert.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.75in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 4.</B></TD><TD><B>Principal Accountant Fees and Services.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.75in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 5.</B></TD><TD><B>Audit Committee of Listed Registrants.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.75in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 6.</B></TD><TD><B>Investments.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">(a) <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Not
applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 7.</B></TD><TD><B>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.75in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 8.</B></TD><TD><B>Portfolio Managers of Closed-End Management Investment Companies.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.75in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 9.</B></TD><TD><B>Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.75in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 10.</B></TD><TD><B>Submission of Matters to a Vote of Security Holders.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">There have been
no material changes to the procedures applicable to Item 10.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 11.</B></TD><TD><B>Controls and Procedures.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's
disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure
controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR
is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed
by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management,
including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required
disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
were no changes to the Registrant's internal control over financial reporting that occurred during the period covered by this report
that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial
reporting.</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 12.</B></TD><TD><B>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.25in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 13.</B></TD><TD><B>Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">(a)(1)&#9;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(a)(2)&#9;<A HREF="exhibit302.htm" STYLE="-sec-extract: exhibit">Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940</A>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(a)(3)&#9;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A HREF="exhibit906.htm" STYLE="-sec-extract: exhibit">Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.</A></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">SIGNATURES<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Pursuant to the requirements of the
Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed
on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">BNY Mellon Strategic Municipals, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/ David DiPetrillo</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David
DiPetrillo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President (Principal Executive Officer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date:&#9;May 26, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf
of the Registrant and in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/ David DiPetrillo</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David DiPetrillo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President
(Principal Executive Officer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date:&#9;May 26, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/ James Windels</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Windels</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer
(Principal Financial Officer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date:&#9;May 26, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">(a)(2)&#9;Certifications of principal
executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certification
of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
(EX-99.906CERT)</P>


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<DESCRIPTION>CERTIFICATION REQUIRED BY RULE 30A-2
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: right">[EX-99.CERT]&#8212;Exhibit (a)(2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECTION 302 CERTIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">I, David DiPetrillo, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">1. I have reviewed this report on Form
N-CSR of BNY Mellon Strategic Municipals, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">2. Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">3. Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to
include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">4. The registrant's
other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
under the Investment Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 13.7pt; text-align: justify; text-indent: 0in">(a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 13.7pt; text-align: justify; text-indent: 0in">(b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 13.7pt; text-align: justify; text-indent: 0in">(c) Evaluated
the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 13.7pt; text-align: justify; text-indent: 0in">(d) Disclosed
in this report any change in the registrant's internal control over financial reporting that occurred during the period covered
by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">5. The registrant's
other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board
of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 13.7pt; text-align: justify; text-indent: 0in">(a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 13.7pt; text-align: justify; text-indent: 0in">(b) Any fraud,
whether or not material, that involves management or other employees who have a significant role in the registrant's internal control
over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
David DiPetrillo</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in">David DiPetrillo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in">President (Principal Executive Officer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May
26, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SECTION 302 CERTIFICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">I, James Windels, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">1. I have reviewed this report on Form
N-CSR of BNY Mellon Strategic Municipals, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">2. Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">3. Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to
include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">4. The registrant's
other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
under the Investment Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 13.7pt; text-align: justify; text-indent: 0in">(a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 13.7pt; text-align: justify; text-indent: 0in">(b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 13.7pt; text-align: justify; text-indent: 0in">(c) Evaluated
the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 13.7pt; text-align: justify; text-indent: 0in">(d) Disclosed
in this report any change in the registrant's internal control over financial reporting that occurred during the period covered
by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">5. The registrant's
other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board
of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 13.7pt; text-align: justify; text-indent: 0in">(a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 13.7pt; text-align: justify; text-indent: 0in">(b) Any fraud,
whether or not material, that involves management or other employees who have a significant role in the registrant's internal control
over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
James Windels</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in">James Windels</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in">Treasurer (Principal Financial Officer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May
26, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">[EX-99.906CERT]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit (b)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">SECTION 906 CERTIFICATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In connection with this
report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the &quot;Report&quot;),
the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
David DiPetrillo</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in">David DiPetrillo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in">President (Principal Executive Officer)<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May
26, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
James Windels</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in">James Windels</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in">Treasurer (Principal Financial Officer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May
26, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>This certificate is furnished pursuant to the requirements of
Form N-CSR and shall not be deemed &quot;filed&quot; for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise
subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities
Act of 1933 or the Securities Exchange Act of 1934.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
